View more on these topics

House prices fall by 0.6% in August

House prices fell by 0.6% in August compared to the previous month, according to the latest Nationwide house price index.

The average house was worth £165,914 in August, down from £168,731 in July and 0.4% lower than in August 2010.

Robert Gardner, chief economist at Nationwide, says although house prices fell by 0.6% in August, this does not change the picture of relative stability that has characterised the market over the past year.

He says: “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.”

Recommended

PAUL WALSH, Chief executive officer, CUNA Mutual Group Europe

Credit unions to the rescue

There seems to be no stopping the growth of credit unions, which have continued lending throughout the downturn and forthcoming legislation will allow them to extend their services

FSA to start issuing product warnings in hardline approach

The Financial Services Authority is to start issuing product warnings as part of its hardline approach to product intervention and says it will not wait for Europe to push ahead with tougher product regulation plans.

Newsletter

News and expert analysis straight to your inbox

Sign up