House prices fell by 0.9% in August, the second consecutive monthly fall, according to the Nationwide Building Society.

There had been a 0.5% month-on-month fall in July.

The average house price is now £166,507, down from £169,347.

Martin Gahbauer, Nationwide’s chief economist, said: “This is the first time since February 2009 that house prices have fallen in two consecutive months. The three-month on three-month rate of change – generally a smoother indicator of the recent price trend – fell from 1.2% in July to 0.0% in August