The cost of a property in the UK declined during the last month, according to the latest figures from Nationwide.

Assessing its figures, the institution announced that there had been a 0.9 per cent fall in values month-on-month during August 2010.

This news follows on from a similar statement by the lender in when it announced that there had been a 0.5 per cent drop in prices during July.

Martin Gahbauer, Nationwide's chief economist, said: "Recent market trends remain consistent with an unwinding of the supply-demand imbalance that drove up prices for much of the last year."

He added that the drop could be partly down to more homes being on the market, which has allowed prospective buyers more space for bargaining over price.

However, this report follows the news from the Halifax Property Type Review that the average cost of a detached property has increased by £91 a day since the second quarter of 2009.

Written by Fiona Mayers

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