House prices fell by 0.7% in October, the Nationwide has reported.

This means that the average price of a home fell from from £166,757 to £164,381.

Martin Gahbauer, Nationwide’s chief economist, said: “October saw a continuation of the modest downward trend in house prices that began at the start of the summer. The average price of a typical UK property edged down by a seasonally adjusted 0.7% month-on-month in October. The three month on three month rate of change – a smoother indicator of the recent price trend – fell to -1.5% in October from -1.0 % in September. This is the largest decline over three months since April 2009