Nationwide, the UKs largest building society, announced this morning that house prices dropped by 0.6% in August and have dropped by 0.4% over the past year.
House prices now stand at an average of £165,914.
Nationwide expects the sluggish market to persist and the period of stability seen over the last 12 months to continue to the year end. Demand for homes is still subdued and it is only the gradual rise in the supply of available properties seen over the last few months that has helped keep property prices stable since summer last year.
Whether you are looking to move, switch your existing mortgage to a new lender or want a better handle on the value of your assets, knowing what your existing property is worth is an essential element. L&Cs house price calculator uses an average of the Nationwide and Halifax house price indices to give you an indication of current value and how it has changed since your last valuation.