House prices see biggest annual fall since 2009

House prices fell astatine their fastest yearly gait for 14 years successful March, according to the latest figures from the Nationwide.

The lender said prices were down 3.1% compared with a twelvemonth earlier, the largest yearly diminution since July 2009.

The Nationwide said the lodging marketplace reached a "turning point" past twelvemonth aft the fiscal marketplace turbulence which followed the mini-budget.

Since then, "activity has remained subdued", it added.

"It volition beryllium hard for the marketplace to regain overmuch momentum successful the adjacent word since user assurance remains anemic and household budgets stay nether unit from precocious inflation," said Robert Gardner, Nationwide's main economist.