House prices fell in March for the seventh month in a row, and by more than economists expected.
Prices retreated another 0.8% over the month, according to Nationwide, taking the average value of a home in the UK down to £257,122. That is 3.1% lower than a year ago and takes prices back to roughly where they were in January 2022.
Economists had been predicting prices to fall by 0.3% month-on-month and by 2.2% compared with this time last year.
The year-on-year decline is the largest Nationwide has reported since July 2009, when the financial crisis was nearing its end.
House prices in the UK are now 4.6% below their peak last August.
