House prices fell by 0.2% in April

The price of a typical house fell by 0.2% in April, which left prices 1.3% lower than the same period of 2010, according to the Nationwide House Prices Index.

Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said: “The three month on three month measure of house prices, a better measure of the underlying trend, showed a modest rise of 0.6%.

"Since November 2010 house prices have increased in three months and fallen in three months. However, it is not unusual to see a pattern of modest monthly increases and decreases when the market is fairly static, as has been the case since last summer.

"There is still little evidence to suggest that price declines will accelerate in the months ahead. While the UK economy only managed a modest bounce-back at the start of the year, after the weather-induced contraction in late 2010, the economic recovery is expected to gather momentum."