The average price of a house in the UK in September was £159,486.
Research by Halifax found this represents a year-on-year decrease of 1.2 per cent, which means properties are slightly cheaper than they were 12 months ago.
September also represents the third consecutive monthly fall in house prices, which could make purchasing a home more feasible for some people in the country.
Martin Ellis, housing economist at Halifax, noted the generally weak economic climate remains a "significant constraint on housing demand".
Moving forward, Mr Ellis does not expect to see any big changes in house prices in the rest of the year or at the start of 2013.
Robert Gardner, Nationwide's chief economist, believes the Bank of England's (BoE's) Funding for Lending Scheme could make a difference to the sector, as it should ensure there are more accessible credit channels than in previous years.
The scheme works by allowing banks and building societies to borrow from the BoE for up to four years, which in turn allows them to boost their lending to consumers.