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House prices fall 0.2%

Published: 04/05/2011

House prices fell 0.2 per cent in April, according to the latest Nationwide figures. 

This means that the average property prices in the UK are 1.3 per cent lower than they were in April last year, now standing at £165,609.

However, over a three-month period, there has been a slight rise in prices of 0.6 per cent.

"There is still little evidence to suggest that price declines will accelerate in the months ahead," suggested Robert Gardner, chief economist at Nationwide.

"While the UK economy only managed a modest bounce-back at the start of the year, after the weather-induced contraction in late 2010, the economic recovery is expected to gather momentum."

"Together with continued low interest rates, a gradual improvement in the labour market should help to provide support for housing demand, while limiting the number of forced sales," he added.

The figures are published as the building society launched a new Save to Buy product for first-time buyers. The account allows customers to save regularly towards their deposit, giving them access to a Nationwide mortgage at just five per cent.

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Last Updated: 11-02-2012