House prices fell for the second month in a row in August, according to the Nationwide building society.
Prices fell 0.9% last month, following a 0.5% decline in July, Nationwide said, adding that it was the first time that prices had fallen for two consecutive months since February 2009.
The average house price now stands at just over £166,500.
Nationwide said house prices had “essentially stagnated over the summer”.
The quarter-on-quarter rate of change – generally seen as a smoother indicator of recent price trends – fell from 1.2% in July to 0% in August.
“As more sellers have returned to the market, buyers have a greater selection of properties to choose from and more bargaining power with which to bid down asking prices,” said Martin Gahbauer, Nationwide’s chief economist.
But he added: “Given that the price increases of the last year had gotten ahead of the recovery in the wider economy, the current correction is not an unhealthy development.”
The annual rate of house price inflation fell sharply from 6.6% in July to 3.9% in August.
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