UK house prices fall at fastest annual rate since 2009

Average property drops 3.1% to 257,122 over year to March, says Nationwide

• Business live updates: UK house prices in biggest fall since 2009

UK house prices have fallen at their fastest annual rate since the aftermath of the financial crisis in 2009, with experts at Nationwide warning that the squeeze on household budgets will make it hard to regain momentum soon.

The price of an average property dropped 3.1% to 257,122 over the year to March, according to Nationwide Building Society's house price index. That is compared with a 1.1% annual decline in February.