According to the nationwide building society, the house prices in the UK has fallen down for second consecutive month in the month of August. The house prices fell down by 0.9% in August after falling by 0.5% in the previous month of July.

As per the record, this is for the first time that the house prices fell for two months in a row since February of 2009.

The Nationwide building society, the average house price in UK stands at 166,500 pounds. The quarter on quarter rate of change had fallen down to 0% in August from 1.2% of July. This fall in the house prices came mainly because of the higher number of sellers and less number of buyers.

As more number of sellers came in to the market the buyers got a chance of bargaining the prices.

The annual rate of house price inflation fell down sharply to 3.9% in August from 6.6% of the previous month. This is a big reason to worry for the country as the house price is considered as the indicator of the economic condition of the country.