March fall for house prices

The Nationwide Building Society has reported that the price of a typical UK home fell by 1% in March.

This means that the year on year rate of house price growth has moved into negative territory for the first time in six months.

House prices were 0.9% lower than March 2011.

The price of a typical home is now £163,327.

Robert Gardner, Nationwide’s chief economist, said: “A slowdown was to be expected