August showed a 0.9% fall in house prices, according to the Nationwide index, the second monthly fall in a row (and the only time there've been consecutive falls since February 2009). This leaves annual house price inflation down at 3.9%, a considerable easing off from the 10.5% it showed in April. Most interestingly, it brings the three-month average back to zero. Have house prices peaked, at least for the medium term? We believe so.

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