Asking prices in England and Wales dropped another 1% in September, says Rightmove

Asking prices for homes in England and Wales fell by 1% in September, taking them down to 3.3% lower than this time last year, according to a survey from Rightmove.

The monthly survey showed that the average asking price for a house fell to 拢227,438 this month, down from 拢229,816 in August.

The dip is the fourth monthly fall in a row but the annual rate of decline has eased from the 4.8% drop in August.

The housing market is on its knees and will remain so until financial institutions address the disastrous state of the mortgage funding markets

Miles Shipside, commercial director at Rightmove

Rightmove said that government measures to bolster house sales have made little difference to the desperate state of the housing market.

Miles Shipside, commercial director at Rightmove, said: 鈥淭he housing market is on its knees and will remain so until financial institutions address the disastrous state of the mortgage funding markets.

鈥淲e are now seeing the lowest level of new sellers for years.鈥�

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