House prices fell 1.2 per cent in August, according to the latest house price index from Halifax.
Year-on-year the average price is down 2.6 per cent but it is up 1 per cent on a quarterly basis.
The average house price now stands at £161,743.
Halifax housing economist Martin Ellis says: “Low interest rates are likely to continue to support the market whilst increased uncertainty about the economic outlook and pressures on householders’ finances constrain demand. Overall, we expect broad stability in both prices and activity over the coming months.”