Nationwide have published their latest House Price Index, for August 2010.
This survey shows average UK house prices falling by 0.9% in August. It is the second monthly fall in values, following a fall of 0.5% in June.
The average house price in the UK now stands at £166,507.
It is the first time since February 2009 that house prices have fallen for two consecutive months, according to the Nationwide figures.
Over one year, average house prices remain in positive territory with an increase of 3.9%. It is worth noting that this is down quite sharply from 6.6% in July and 8.7% in June.
The latest figures from Nationwide come shortly after a warning from The National Housing Federation that people who purchased property at the market peak in 2007 will have to wait another four years before they escape negative equity.
The average buyer paid £216,800 for a property in 2007. This housing group is predicting a 3% fall in house prices next year before a return to steady growth, with prices expected to be 22% higher in 2015 than they were in 2009.
Our clients often find it difficult to accurately judge the value of their own property, particularly in the current market when other comparable sales figures are thin on the ground.
One valuable tool we use at Informed Choice is a desktop valuation system, the same used by estate agents and mortgage lenders, which we find often gives an accurate indication of a property value.
