House prices have suffered their largest decline in 14 years as surging interest rates increased the cost of borrowing, according to Nationwide.
Property values were 3.1pc lower in March than they were a year ago, their sharpest decline since 2009.
House prices have fallen for a seventh month in a row and at a steeper rate than previous months.
Nationwide said prices were down 0.8pc in March, a bigger drop than 0.5pc in February and ahead of economists expectations of a 0.3pc fall.
Robert Gardner, the building society's chief economist, said: "It will be hard for the market to regain much momentum in the near term since consumer confidence remains weak and household budgets remain under pressure from high inflation.
"Housing affordability also remains stretched, where mortgage rates remain well above the lows prevailing at this point last year."
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2023-03-31 07:38:39Z
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