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House prices fall 0.6% in August

House prices fell 0.6 per cent in August, according to the latest house price index from Nationwide.

The average price of a home is now £165,914, 0.4 per cent lower than a year ago.

Nationwide chief economist Robert Gardner says: “Sluggish demand for homes, combined with only a gradual rise in the supply of available properties, has helped to keep property prices stable since last summer. We expect this trend to be maintained over the remainder of 2011, although downside risks have increased as UK and global growth prospects have weakened.”

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