Real estate prices in the UK fell by the greatest amount in six months during August, the latest property index has found.
The news is likely to mean that investors to the country will benefit from having more bargaining power.
According to the Nationwide Building Society, the average price of a home dropped by 0.9 per cent last month, this follows a 0.5 per cent drop during July.
However, year-on-year prices increased by 3.9 per cent.
''Recent market trends remain consistent with an unwinding of the supply and demand imbalance that drove up prices for much of the last year,'' Martin Gahbauer, Nationwide's chief economist, said.
''As more sellers have returned to the market, buyers have a greater selection of properties to choose from and more bargaining power with which to bid down asking prices.''
Earlier this year, a number of London estate agents revealed that Chinese investors were flocking to London
to take advantage of low property prices.
- Wednesday 08 September 2010