'Weak confidence' holding back housing demand

UK house prices fell by 1% on average last year, the Nationwide says, and it predicts a similar outlook for 2013.

The building society said that the average property was valued at £162,262 at the end of 2012, following a 0.1% drop in December.

Nationwide's chief economist Robert Gardner told BBC News that weak buyer confidence was holding back demand in the market.