Figures from the building society show that the pace of decline in house prices slowed, but the typical home now stands at £151,861 - 15% lower than in April last year.

The Nationwide said there were signs that the pace of decline was easing, with the three-month rate of change, which is a better indication of trend than the one-month figure, falling from -4.1% in March to -3.1%.

However, it said it was too early to talk of a revival in the housing market.