House prices in the UK fell 0.4% month-on-month in April after rising 0.9% in March, the Nationwide building society said Thursday. Economists had expected a decline of 1.2% for April.

On an annual basis, prices declined 15% in the month following a 15.7% fall in the previous month, while the forecast was for a 15.8% contraction.

Nationwide's Chief Economist, Fionnuala Earley said the fall in prices was in line with the firm's expectations, given the current economic conditions.

The average price of a typical house stood at GBP 151,861, up from GBP 150,946 in March. The three-month on three-month rate of change, which is generally a smoother indicator of the short-term trend in prices, improved to minus 3.1% in April from minus 4.1% in March.

Earley said measures announced in the budget aimed to boost the housing market are welcome, but are unlikely to turn things around.

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