Home sellers in Britain reduced the asking prices for a third month in September as the property market failed to cope with the "distractions" of the London 2012 Olympics, according to Rightmove.
Average asking prices in England and Wales fell 0.6 per cent, after declining 2.4 per cent in August, the operator of Britain's biggest property website said in a report in London today.
From a year earlier, values were up 0.7 per cent to an average £234,858 (HK$3.3 million).
"Summer sellers have had some very stiff competition, not only from competing sellers chopping their prices but also from the Olympics extravaganza, which has been more compelling for many than viewing property," Miles Shipside, commercial director of Rightmove, said.
Mortgage lender Halifax last week said the housing market was continuing to "tread water" as the economy struggles to recover from a recession and prospective buyers face a challenge in raising a deposit. It reported a 0.4 per cent drop in prices in August, while the Royal Institution of Chartered Surveyors said gauges continued to point to a "sluggish" property market.
Nationally, eight out of the 10 regions in England and Wales tracked by Rightmove posted monthly price drops.