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Property values decrease during August
Property values fell by 0.9 per cent during August which marks the second house price decline in consecutive months.
Figures released by Nationwide showed the average UK home cost £166,507 last month which led to the Royal Institution of Chartered Surveyors declaring the figure "well down on historic norms".
Annual price inflation fell quite sharply in August to 3.9 per cent having stood at 6.6 per cent in July and 8.7 per cent in June.
Martin Gahbauer, Nationwide's chief economist, said that a recent surge in the amount of properties for sale had caused the housing market to weaken and prices to drop as buyers had more properties to chose from and therefore better bargaining power.
He added: "Unless house prices bounce back strongly in September, the three-month rate of change will turn negative next month."
Nationwide's figures come after statistics from the Bank of England showed lenders approved 340,000 mortgages for home purchases between January and July.