Average house prices across the UK have fallen slightly according to the Nationwide, the first drop of any kind since June 2015.
The average property price was £207,308, a monthly drop of 0.3 per cent, following a 0.6 per cent rise in February.
However, the annual rate of house price inflation remains in positive territory - up 3.5 per cent in a year.
Robert Gardner, Nationwide’s chief economist, says there was a mixed picture in the first three months of the year with six regions seeing the pace of house price growth accelerate, another six seeing a deceleration and one recording the same rate as the previous quarter.
“Interestingly, the spread in the annual rate of change between the weakest and strongest performing regions was at its narrowest since 1978 at 6.8 percentage points — the second smallest gap on record,” he adds.