UK house prices are falling at the fastest annual rate since the aftermath of the financial crisis, new figures from Nationwide showed.
The building society reported 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. Economists had forecast a 2.2% decline.
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 the first quarter, 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, commented: "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."
