UK house prices have recorded their first annual fall for 12 years (i.e. since year 1996).
Prices fell by 1.1% in April, the sixth monthly decline in a row, and were down 1% from the levels seen in April 2007, the building society said.
Nationwide said the price falls reflected a weakening market which had been hit by “poor affordability and tighter financial market conditions”.
An average home now costs £178,555 which is £1,759 lower than April 2007.