Stamp duty holiday end 'played part' in house price fall

Nationwide's Chief Economist, Robert Gardner, has said that a fall in house prices in the UK was to be expected owing to changes in stamp duty rules.

House prices were pushed lower than a year ago for the first time in six months after a 1% dip in March compared with February, the Nationwide said.

"In our view the challenging economic backdrop is likely to continue to act as a drag, with house prices moving sideways or modestly lower over the next 12 months," Mr Gardner said.