Nationwide House Price Index shows property prices down
The Nationwide House Price Index, published today, reveals the UK's typical property price has fallen by 1.3 per cent over the past year.
Figures for April put the annual shift at more than one per cent, while house prices fell by 0.2 per cent over the previous month.
The slump counteracts the modest growth seen in March, when a monthly increase of 0.5 per cent and annual expansion of 0.1 per cent helped to marginally buoy an otherwise flat market.
According to Nationwide, the quarterly change - which is slightly up at 0.6 per cent - is a better long-term estimator of the changing market.
However, the Nationwide House Price Index for April alone stands lower than had been predicted in some places.
Yesterday's London Evening Standard - West End Final A edition - expected to see slight growth of 0.1 per cent month-on-month and an annual fall of 0.5 to one per cent.
In reality, the monthly growth figure was negative and the year-on-year drop around twice that predicted.
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