UK house prices unexpectedly fell at end of year, Nationwide says

Average property price drops by 0.4% in December to £271,068 after forecasts of 0.1% month-on-month rise

• Business live – latest updates

UK house prices fell unexpectedly in December, according to a top mortgage lender, with the market finishing the year with the weakest annual growth in more than 18 months.

The average property price slumped by 0.4% to £271,068 compared with November, according to Nationwide, confounding City forecasts of a 0.1% rise.