House prices are 0.7% lower than one year ago, the Nationwide Building Society has reported.

The Nationwide House Price Index also found that the price of a typical UK house rose by 0.3% in May.

The price of a typical home is now £166,022.

“The Nationwide House Price Index has reached an important milestone; it was first produced in 1952, and has therefore run for the Queen’s entire reign,” said Robert Gardner, Nationwide’s chief economist.

“According to our data the average UK house price has increased from £1,891 to £166,022 during the Queen’s reign, that’s almost an 88 fold increase over the 60-year period, while the cost of goods and services have recorded a more modest 25 fold increase.”

“Dramatic increases might be expected over such a long timeframe, but over the last 18 months, house prices have been fairly stable, despite the challenging economic backdrop.”