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House prices dropped by 16.6% year-on-year. 

The average house price in the UK  is now  £150,501, down from the £153,048 in December.

Martin Gahbauer from the Nationwide, said “In the past, approvals have tended to move in line with new buyer enquiries.

“More recently, however, the relationship between buyer enquiries and approvals has broken down, with buyer enquiries recovering quite strongly in recent months while approvals have shown little sign of recovery.”

Gahbauer also  added: “The fall in house prices and the parallel reduction in interest rates has probably made many households curious about what is currently available in the market.

But many are likely to be hesitant to commit in a recessionary environment of rising unemployment and increasing uncertainty about future incomes.”