"[Nationwide Building Society data] confirms that the housing market remains depressed"
- David Tinsley, chief U.K. economist at BNP Paribas SA and a former Bank of England official
House prices in the U.K. edged lower 1 per cent to 163,327 pounds in March, the largest annual fall since June 2011, Nationwide Building Society data showed on Thursday.
"In our view the challenging economic backdrop is likely to continue to act as a drag, with house prices moving sideways or modestly lower over the next 12 months," said Robert Gardner, Nationwide's chief economist.
"U.K. data releases this morning were in the round somewhat disappointing," said David Tinsley, chief U.K. economist at BNP Paribas SA and a former Bank of England official.
Today's data "confirms that the housing market remains depressed by any historical comparison" and signals the economy is going to have "a rougher road in the second quarter."
© Dukascopy Bank SA