House prices 'drop 1%'

House prices in the UK have continued to fall this month, according to new figures.

New data from the Rightmove property website found that sellers dropped their average asking price by one per cent on August figures and 30.3 per cent on 12 months ago.

Miles Shipside, Rightmove's commercial director, said: "The housing market is on its knees and will remain so until financial institutions address the disastrous state of the mortgage-funding markets [...] We are now seeing the lowest level of new sellers for years."

Mr Shipside also said that a government move to temporarily suspend stamp duty on properties valued at less than £175,000 had had an insignificant impact on the housing market, reports MarketWatch.

Other research by the Royal Institute of Chartered Surveyors has shown that home sales fell to a 30-year low last month, according to the International Herald Tribune.

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