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| House prices see biggest annual fall since 2009 | House prices see biggest annual fall since 2009 |
| (30 minutes later) | |
| House prices fell at their fastest annual pace for 14 years in March, according to the latest figures from the Nationwide. | 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 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. | The Nationwide said the housing market reached a "turning point" last year after the financial market turbulence which followed the mini-budget. |
| Since then, "activity has remained subdued", it added. | Since then, "activity has remained subdued", it added. |
| "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. | "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. |
| What is happening to house prices? | |
| What happens if I can't afford to pay my mortgage? | |
| A drop in house prices would generally be welcomed by potential first-time buyers, who have watched property values surge even during the pandemic. | |
| However, the reality is that renting has become more expensive for many people, and mortgage rates are higher than they might have planned for. The ongoing rise in many regular bills and food prices are adding to the financial strain. | |
| The Nationwide's findings, which are based on its own lending data, echo the general conclusion of other house price surveys and commentary, which show a slowdown in the sector, and falling prices. | |
| In March, the Office of Budget Responsibility, which advises the government on the health of the economy - predicted that house prices will drop by 10% between their peak last year and the middle of next year. | |
| Although the UK's housing market is made up of a series of local property sectors, the Nationwide's regional breakdown for the first three months of the year suggested a slowdown across all areas of the country. | |
| Related Topics | Related Topics |
| Nationwide Building Society | Nationwide Building Society |
| Personal finance | Personal finance |
| Housing market | Housing market |
| UK economy | UK economy |