The average house price in July was 164,389 pounds, which compares to 165,738 pounds a month earlier. House prices in the UK are currently 13% below their peak in 2007.
Commenting on the latest figures, Robert Gardner, chief economist at Nationwide, said: "UK house prices declined for the fourth time in five months in July...The weaker price trend observed in recent quarters is unsurprising, given the disappointing performance of the wider economy. Indeed, the UK economy has contracted by 1.4 per cent over the past nine months, and is now 4.5 percentage points smaller than it was in Q1 2008."
