Nationwide Building Society reports that house prices fell again in April, this time by 1.1%.
This adds up to a 1% fall on average prices from April 2007 - the average price for a house in England is now £178,555 down by £1,759.
The Building Society blamed a weakening market impacted by affordability issues - hundreds of mortgage products have been dropped by lenders in the last three months. Mortgage approvals are at their lowest since recording began in 1990.
First time buyer demand has tailed-off also fuelling an overall decline in house buying since the autumn.
In spite of uncertainty it is a buyers’ market - large numbers of unsold properties are creating downwards pressure on prices - and buyers can at last start to negotiate successfully.
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