Housing market sees first slide in 12 years

The building society says concerns about affordability and tight conditions in credit markets are the main contributing factors to the fall in prices. Nationwide’s latest figures show prices fell by 1.1% in April, meaning average prices are now 1% lower than they were a year ago at £178,555. Fionnuala Earley, Nationwide’s chief economist, says a steep decline in home purchase transactions, caused by a lack of available credit, is a major factor. “As a result of falling demand from first-time buyers, higher mortgage rates and tighter lending criteria, the number of mortgages approved for ...