UK house prices have fallen for an 11th consecutive month, dropping by 1.7% in September, according to the Nationwide.
The lender recorded a 12.4% annual drop in prices, pushing the cost of the average UK home down to £161,797, more than £20,000 less than a year ago.

Fionnula Earley, Nationwide’s chief economist, said September could hardly have been more different from a year ago, with prices plummeting, fewer houses changing hands and first-time buyers borrowing less. The pace of house price falls had stabilised, but warned the next year or two would be "difficult".

She said: “Casting back one year, there have been some astonishing and unpredictable developments in the housing and financial markets. “We would need to see a significant shift in consumers’ sentiment before we begin to see any real recovery in activity and subsequently house prices.”

House prices were down year-on-year across the UK, with southern England suffering worse than the north. The rate of fall, which was the same as in August, has remained relatively unchanged in the past three months.

Ms Earley said the current downturn was a "correction" essential to the market to bring house price growth back in line with the long-term trend.

"The long-run trend growth in real house prices in the UK is around 2.7 per cent per annum and there is no reason to expect that over the longer term house prices should not continue to go up in real terms, even if we are going through a sharp correction now," she said.

"Although price falls are not painless, they do contribute to restoring housing affordability to more sustainable levels, which is positive for the market over the long term."

It looks again this will mainly affect the Buy to let investors in the market in the last 3 years. It is unlikly to affect the investors that started a decade ago since the prices are still higher by as much as 60% since a decade ago.