House prices fall for the second month in a row......

The average house price stood at just over £166,500 at the end of August following an avergae fall of 0.9 per cent in residential property values during the month.

The average house price stood at just over £166,500 at the end of August following an average fall of 0.9 per cent in residential property values during the month.

The drop follows a 0.5 per cent decline in July, the first time prices fell for two consecutive months since February 2009.

Nationwide said house prices had stagnated over the summer and the quarter-on-quarter rate of change - generally seen as a smoother indicator of recent price trends - fell from 1.2 per cent in July to 0 per cent in August.

Martin Gahbauer, chief economist at Nationwide, said: "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."

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