Average national asking prices are down by 0.5 per cent this month, representing the first fall since March, new data has revealed.

According to the House Prices and Affordability Index released by FindaProperty.com, the cost of first-time buyer properties also declined over the last month, with prices now standing at £154,309.

However, London and the east of England bucked the trend and saw modest rises of 0.3 per cent and 0.6 per cent respectively.

"This month's dip in house prices translated into a slight easing in affordability.

"While first-time buyer house prices remain at 4.83 times gross household income," the website noted.

The average deposit required by those purchasing a home for the first time also declined slightly, the data revealed.

In related news, Catherine Hearnden, director of MyMortgageDirect, said people will have to readjust to the fact that it is now necessary to save up a lump sum before being able to buy a property.

Those planning to move house could make the process less stressful by using self storage facilities.

Written by Emily Sanders