House prices fell for a sixth consecutive month in April and are now lower than they were a year ago – the first annual decline in 12 years – Nationwide said on Wednesday.

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Chris Giles, economics editor, explains why the situation differs from the late 1980s and early 1990s

The lender said its index of house prices fell 1.1 per cent in April, more than expected, taking the annual change from growth of 1.1 per cent in March to a decline of 1 per cent. Analysts had forecast prices would be flat year on year.