Average property values fell by 3.1% in their largest annual drop since July 2009.

• Figures from the Nationwide Building Society mark seventh consecutive month of falling house prices
• A typical house is now valued at £257,122, which is 4.6 percent less than its peak in August

Figures show that house prices declined year-on-year at the sharpest rate in 14 years in March.

According to the Nationwide Building Society, this is the largest annual drop in property values since July 2009.

Experts warn that the market will struggle to "regain momentum" in the months ahead. This is the seventh consecutive month of monthly falls.

A typical home now has a value of £257,122. This is 4.6 percent less than August 2022 when it was at its peak.

According to the building society, the reason for the drop in prices was the increasing cost to borrow and lower buyer confidence. Consumer confidence is still low and household budgets are still under pressure due to high inflation.

Experts predict that property values will drop by 10% this year.