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Home prices in Britain fell 2.5 percent in April, Nationwide, the country’s largest building society said Friday.

Prices have fallen seven consecutive months and are now 4.4 percent below a year ago.

Home prices in Britain peaked in October at an average price of $367,7620, the report said.

Howard Archer, an economist at Global Insight, said April’s figures prompted fears that a “sharp correction” was developing.

“The pace of house price falls accelerated in May as more weak economic news added to the gathering momentum of negative sentiment about the housing market,” Nationwide economist Fionnuala Earley said.

Tags: archer, Building, economic news, economist, fears, global insight, house price, housing market, momentum, negative sentiment, pace

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