House prices are down 3.1% year-on-year in March, said Nationwide, the largest annual decline since July 2009.
This took the average UK house price to £257,122, a 0.8% fall compared to February and the seventh consecutive monthly drop.
Robert Gardner, Nationwide’s chief economist, said: “The housing market reached a turning point last year as a result of the financial market turbulence which followed the mini-Budget.