House prices fell at their sharpest pace in 14 years in March: Average property values fell 3.1% in the biggest annual decline since July 2009
- The Nationwide Building Society’s figures mark the seventh straight monthly decline
- A typical home is now worth £257,122, down 4.6 per cent from its August peak
House prices fell year-on-year in March at their sharpest pace in 14 years, figures show.
Median property values fell 3.1 percent, the largest annual decline since July 2009, according to the Nationwide Building Society.
It marks the seventh consecutive monthly decline, with experts warning that it will be difficult for the market to “regain momentum” in the coming months.
A typical home is now worth £257,122, down 4.6 per cent from its peak in August 2022 when the average home was valued at £273,751 – a difference of £16,629.
The rising cost of borrowing and reduced buyer confidence were responsible for the fall in prices, the building society said.
Median property values fell 3.1 percent, the biggest annual decline since July 2009, according to the Nationwide Building Society
Nationwide chief economist Robert Gardner said, “It will be difficult for the market to regain much momentum in the near term.
“Consumer confidence remains weak and household budgets remain under pressure from high inflation.”
Experts predict that property values will fall by 10 percent this year.