RICS: Nationwide March house price data

Commenting on Nationwide house price data, Simon Rubinsohn, RICS chief economist said: "The fifth consecutive monthly drop in house prices is indicative of the shift in sentiment towards the property market. Lenders are continuing to respond to the worsening conditions in the money markets by raising the cost of mortgage loans and tightening up on lending criteria.

"This is making even harder for first time buyers to take their first step on to the property market. There is little reason to believe that underlying problems facing mortgage lenders will ease anytime soon. As a result house prices are likely to continue to drift lower in the coming months."