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07.18 BST
UK house prices in biggest fall since 2009
UK house prices are falling at the fastest annual rate
since the aftermath of the financial crisis, new data from Nationwide shows.
Nationwide
reports that UK house prices fell for the seventh month running in March, as
the aftermath from the disastrous mini-budget continued to hammer the housing
market.
This month,
they fell by 3.1% compared to a year ago, which is the largest annual decline
since July 2009, Nationwide Building Society said.
Across the
UK, prices fell by 0.8% month on month, leaving the average UK house price at
£257,122.
All regions
of the UK saw a slowing in price growth in Q1, with most seeing small
year-on-year falls. West Midlands was the strongest performing region, while
Scotland remained the weakest.
Robert
Gardner, Nationwide’s chief economist, explains:
“March saw
a further decline in annual house price growth, with prices down 3.1% compared
with the same month last year. March also saw a further monthly price fall
(-0.8%) – the seventh in a row – which leaves prices 4.6% below their August
peak (after taking account of seasonal effects).
“The
housing market reached a turning point last year as a result of the financial
market turbulence which followed the mini-Budget. Since then, activity has
remained subdued – the number of mortgages approved for house purchase remained
weak at 43,500 cases in February, almost 40% below the level prevailing a year
ago.
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