House prices down 5.3%, Hometrack claims

The latest survey by Hometrack has found that house prices are down 5.3 per cent for the year.

This fall represented the lowest level since the survey began in 2001 and house prices are down for the 11th month in a row, according to Richard Donnell, director of research at the property consultancy.

For the month of August, house prices are down 0.9 on July while the average time a property remains on the market before going under offer has risen to 11.3 weeks, the study said.

"Evidence from the latest survey may suggest that the level of price falls is beginning to moderate, but a recovery in the housing market remains some way off," Mr Donnell said.

Last week the Guardian reported that developers that had taken the self build option were "sitting prettier" than most of their neighbours after supervising the construction of their own "dream dwelling".