UK house prices fall at fastest annual rate since 2012

Year-on-year February 1.1% decline comes as average price of home drops to £257,406, says Nationwide

Annual house price growth in the UK turned negative in February for the first time in almost three years, Nationwide data shows, falling to its lowest level since November 2012.

The year-on-year 1.1% fall in prices represented the first annual decline in the cost of a home since June 2020, when the housing market reopened after the first Covid lockdown.