April home prices fell hard in Britain

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

The fall amounts to a decline in home values of $9,880 per month or $316 per day, The Mirror reported.

Home prices now average $343,000, Nationwide said.

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.

Copyright 2008 by United Press International.