House Prices See Biggest Annual Fall Since 2009
House prices fell in March at their fastest annual pace for 14 years, 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.
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.
Nationwide's findings, based on its own lending data, suggest prices have now fallen for seven months in a row. This echoes 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.
The Nationwide said that prices were already 4.6% below their peak, after taking seasonal factors into account.