House prices see biggest annual fall since 2009

House prices see biggest annual fall since 2009 House prices fell at their fastest annual pace for 14 years in March, taking the average value of a home in the UK down to £257,122, according to figures from the Nationwide. Prices fell 3.1% year-on-year, with this the steepest annual decline since July 2009. March’s reading means prices have now fallen for seven months in a row. Nationwide said the housing market hit a "turning point" last year, with activity remaining “subdued” following the market turbulence which followed the mini-Budget. In London, prices fell by an annual 1.4% to an average of £511,293 for the first quarter. Robert Gardner, Nationwide's chief economist, said: “It will be hard for the market to regain much momentum in the near term, since consumer confidence remains weak and household budgets remain under pressure from high inflation".

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