House price falls hit 14-year record...with worse to come

HOUSE prices have suffered their biggest annual slump since July 2009 as the market struggles to recover from the controversial mini-Budget.

- Sarah O'Grady

Homeowners have witnessed a 3.1 percent year-on-year drop, according to the UK's biggest building society.

The average house was fetching £257,122 in March - 4.6 percent less than the peak last August.

Values also fell by 0.8 percent between February and March, marking the seventh consecutive drop, according to Nationwide.

Demand from buyers is also subdued with mortgage approvals 40 percent below 12 months ago.

Alice Haine, a personal finance analyst at brokers Bestinvest, said the data "cemented the gloom for the property market".