UK house prices fall at fastest pace since 2009

UK house prices fall at fastest pace since 2009

New data from Nationwide shows that UK house prices are falling at the fastest annual rate since the financial crisis.

In March, UK house prices fell for the seventh month running, as the aftermath of 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, according to the Nationwide Building Society.

The average house price in the UK fell by 0.8% month on month, leaving the average UK house price at 257,122.

In Q1, all regions of the UK saw a slowing of price growth with most seeing small year-on-year falls. West Midlands was the strongest performing region, while Scotland was the weakest.

March saw a decline in annual house price growth, with prices down 3.1% compared to the same month last year. March saw a further monthly price fall - 0.8% the seventh in a row, which leaves prices 4.6% below their August peak due to the financial market turbulence that followed the mini-Budget. Since then, activity has remained subdued, as the number of mortgages approved for house purchase remained weak, at 43,500 cases in February, almost 40% less than the level prevailing a year ago.