The price of a typical house in the UK is now £164,153.
According to research carried out by Nationwide, the average cost of a property in the country increased by 0.6 per cent in October, but this still represents a year-on-year decrease of 0.9 per cent.
Robert Gardner, Chief Economist at the bank, noted there has not been a strong trend – in either direction – over the past six months.
This makes it hard for consumers to accurately gauge the market, because it is constantly going up and down and therefore finding a good deal could be tricky.
Mr Gardner added that the UK has emerged from recession "in style", as the economy grew by one per cent in the three months to September – nearly twice what was expected.
"While this is clearly good news, it is important to recognise that a number of one-off factors such as the Olympics provided a significant boost to activity in quarter three," he stated.