British house prices last month dropped in annual terms for the first time since June 2020, falling by 1.1% compared with February 2022, mortgage lender Nationwide said on Wednesday.

The fall was the biggest annual drop since November 2012, Nationwide said.

Compared with January this year, prices were down by 0.5%.

Economists polled by Reuters had expected prices to fall by 0.9% from a year earlier and by 0.4% in monthly terms. (Reporting by William Schomberg; editing by William James)