Property costs declined by 0.1 per cent last month, taking the average home down to £161,602, according to the latest statistics published by Nationwide,.
This is a year-on-year decrease of 1.1 per cent and means houses now cost less than in September 2009.
Nationwide chief economist Robert Gardner said that although the outlook for the year as a whole is still uncertain, "the most likely outcome is that the pattern of low transaction levels and prices moving sideways or modestly lower will continue through 2011".
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