By Daniel Hunter

The Nationwide building society has said that UK house prices fell by 1% on average last year, whilst predicting a similar outlook for 2013.

Following the Land Registry's figures, released yesterday, which claimed a 1.1% rise nationwide, these figures paint a somewhat bleaker picture.

The building society said that the average property was valued at £162,262 at the end of 2012, following a 0.1% drop in December.

The 1% drop reversed a 1% average price increase in 2011, the Nationwide said.

However, the average price masked significant differences in property price changes in the different nations and regions of the UK.

“Average UK house prices rose by 0.5% in the final quarter of 2012, after allowing for seasonal effects. Prices were down 1.1% over the year as a whole," Robert Gardner, Nationwide's Chief Economist, said.

“England continued to outperform the other home nations, with prices down 0.4% in annual terms.”

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