House prices fall again

Nationwide Building Society has revealed that house prices have fallen for the fifth month in a row, dipping 0.6 per cent in March.

The lender said that the average house price was now £179,110, compared with £179,358 in February, which itself saw a 0.5 per cent dip.

Reflecting on the figures, Nationwide chief economist Fionnuala Earley stated the situation was a reflection of the "clear change in sentiment since late last summer".

This view about sentiment was shared by Simon Rubinsohn, senior economist at the Royal Institution of Chartered Surveyors.

Mr Rubinsohn added that the situation was causing mortgage lenders to put up borrowing costs and set more stringent criteria for lending.

"This is making even harder for first time buyers to take their first step on to the property market," he explained.

Such a situation may lead many would-be first time buyers to consider alternative means of getting on the housing ladder, such as self build

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