House prices are falling fast....

I am on the road at the moment, so no time to chart the latest Nationwide price index. However, come the weekend, and I have time, this latest number will make for a very pretty picture. Prices are coming down; liberation is at hand....

House prices fell by 1.8% in February as confidence in the UK property market failed to pick up, according to the Nationwide building society. The lender said that the average UK property had fallen in value by 17.6% over the past 12 months, to £147,746.

Although cuts in interest rates have made mortgage repayments cheaper for some, this has yet to be seen in increased sales, it said. But it added that "curiosity" in the market was growing.