Nationwide: House prices lower than April 2007

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Nationwide: House prices lower than April 2007

According to Nationwide's latest house price data, prices fell by 1.1 per cent in April, bringing them to a level that is one per cent lower than at this time last year.

The price of a typical house now stands at £178,555, down £1,759 from April 2007, which represents the first year-on-year fall in prices since March 1996.

Fionnuala Earley, Nationwide's chief economist, suggested that the falling house prices reflect "the weakening sentiment in the market brought about by poor affordability and tighter financial market conditions".

She predicted that the weaker housing market is likely to bring about additional rate cuts from the Bank of England and noted that there has been a "steep decline" in house purchase transactions over the last six months.

Data released yesterday from the Bank of England showed that at 64,000, the number of loans approved for house purchase last month was lower both than in February and the previous six month average.
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