Property prices dropped by 3.1% in the year to March, the Nationwide says.
House prices fell at their fastest annual pace for 14 years in March, according to the latest figures from the Nationwide.
The lender said prices were down 3.1% compared with a year earlier, the largest annual decline since July 2009. The Nationwide said the housing market reached a "turning point" last year after the financial market turbulence which followed the mini-budget."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," said Robert Gardner, Nationwide's chief economist.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UK house prices suffer biggest annual decline since 2009House prices fell by 3.1% year-on-year in March, marking the biggest annual decline since July 2009, Nationwide Building Society said.
Read more »
999 crews lock down property after house fireFIRE CREWS are currently at the scene of a house fire in Clydebank.
Read more »
Property experts encouraged by 'green shoots' as mortgage approvals riseHome-buyer mortgage approvals have increased for the first time in six months
Read more »
Commercial-property losses will add to banks’ woesReal-estate investors see a hellish-perfect-dumpster-fire-storm
Read more »
Police shut down Grantham property accused of prostitution and drug dealingOccupants have been removed for three months
Read more »
7 Hertfordshire criminals who were convicted in MarchIn a busy March for the county’s courts, here are seven Hertfordshire criminals who have been jailed this month, including a paedophile found…
Read more »