Property price falls 'vary regionally'

The decline in property prices is varied across the country, with some areas seeing house prices falling more than others, the National Association of Estate Agents (NAEA) has said.

Speaking in response to the latest house price figures from Nationwide, NAEA chief executive Peter Bolton King said: "The picture is mixed across the country and some areas will be more affected than others, so people really need to look to their local markets to get a true picture."

This means that for many, homes may remain a lot more unaffordable than could be the case in different areas.

For those who will still struggle to afford to buy a home, self build may make a cheaper alternative.

In its response to the Nationwide figures, the Royal Institution of Chartered Surveyors said the house price decline may accelerate if no action is taken to address the liquidity issue.