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Halifax said there had been an increase in the number of properties for sale
House prices fell by 3.6% in September from the previous month, according to the latest figures from the Halifax.
However, the bank, now part of the Lloyds Banking Group, said it was too early to conclude that this was the start of a sustained fall in prices.
The three-month on three-month comparison, seen as a smoother measure of prices showed a 0.9% drop in September.
The average UK home is now valued at £162,096, the survey found.
Prices remained 2.6% higher than a year ago, the figures show, although this was down from a 4.6% rise reported in August.
The 3.6% drop was the biggest fall in month-on-month prices since the figures were first compiled in 1983.
Low transaction levels in the housing market meant that there was volatility in the month-on-month measure of house prices, Halifax's housing economist Martin Ellis said.
However, he said that an increased number of properties available for sale in recent months had pushed down prices.
This had come at the same time as demand for homes had fallen owing to "renewed uncertainty" about the economy and jobs, Mr Ellis said.
"Prospects for the housing market remain uncertain. Earnings growth is expected to be very modest over the next year, tax rises are on the way and more people are putting their homes on the market," he said.
"These will all be constraints on the market, dampening house prices. On the positive side, we expect interest rates to remain very low for some time, which will underpin the improved affordability position for homeowners."
This article is from the BBC News website. ? British Broadcasting Corporation, The BBC is not responsible for the content of external internet sites.
Halifax said there had been an increase in the number of properties for sale House prices fell by 3.6% in September from the previous month, according to the latest figures from the Halifax.
However, the bank, now part of the Lloyds Banking Group, said it was too early to conclude that this was the start of a sustained fall in prices.
The three-month on three-month comparison, seen as a smoother measure of prices showed a 0.9% drop in September.
The average UK home is now valued at £162,096, the survey found.
Prices remained 2.6% higher than a year ago, the figures show, although this was down from a 4.6% rise reported in August.
The 3.6% drop was the biggest fall in month-on-month prices since the figures were first compiled in 1983.
Low transaction levels in the housing market meant that there was volatility in the month-on-month measure of house prices, Halifax's housing economist Martin Ellis said.
However, he said that an increased number of properties available for sale in recent months had pushed down prices.
This had come at the same time as demand for homes had fallen owing to "renewed uncertainty" about the economy and jobs, Mr Ellis said.
"Prospects for the housing market remain uncertain. Earnings growth is expected to be very modest over the next year, tax rises are on the way and more people are putting their homes on the market," he said.
"These will all be constraints on the market, dampening house prices. On the positive side, we expect interest rates to remain very low for some time, which will underpin the improved affordability position for homeowners."
This article is from the BBC News website. ? British Broadcasting Corporation, The BBC is not responsible for the content of external internet sites.