House prices fell by 0.9% in August, their second consecutive monthly decline, according to Nationwide’s monthly report.

This fall took the annual rate at which house prices have been increasing down from 6.6% to 3.9%, and the average price of a house down from £169,347 to £166,507.

Based on Halifax's own house price data, owners of detached properties have seen the value of their home increase by £91 a day over the past year, with the average price rising by 13% from £266,060 in 2009 Q2 to £299,295 in 2010 Q2. Prices for all other property types rose by 8-9% over the period.

We are a nation in denial about our financial circumstances, according to research by Callcredit Information Group, released today. It found that 42% of people don’t come clean about the situation when they encounter problems.

Nearly two-thirds of people (65%) have experienced some form of sudden negative change in personal finances over the past two years. When this happened, 38% of people did nothing at all, and 69% never spoke to their bank or building society about their problems.

Mortgage approvals in July totalled £1.9bn, the same as in June.

"Lending by mutual mortgage providers has picked up over the summer months, and the approvals figures suggest this level of lending may continue in the near future,” said Adrian Coles, Director-General of the BSA.

The number of first-time buyers has fallen steeply in the past 12 months, according to property website Rightmove.

This time last year about 31% of prospective buyers were looking for their first home in the next year, but this figure has now fallen to 22%.

Variable rate mortgages remain the borrower's product of choice, according to new research from John Charcol.

The falling cost of fixed rate mortgages and forecasts of interest rates rising to 8% by 2012 have led to the suggestion that fixed rates might be the best way forward for borrowers.

More people are choosing to rent rather than buy, according to the July RICS Residential Lettings Survey.

Continued difficulty in securing mortgage finance, worries over a double dip in housing and large deposits required by lenders were the main factors behind this trend.