August House prices declined by 0.6% leaving the price of a typical home 0.4% lower than one year ago according to the Nationwide.
Commenting on the figures, Robert Gardner, Nationwide’s Chief Economist, said:
“UK house prices declined by 0.6% in August, although this doesn’t change the picture of relative stability that has characterised the market over the past twelve months. Indeed, prices were broadly unchanged compared with August 2010 – just 0.4% lower.
“Sluggish demand for homes, combined with only a gradual rise in the supply of available properties, has helped to keep property prices stable since last summer. We expect this trend to be maintained over the remainder of 2011, although downside risks have increased as UK and global growth prospects have weakened.”