Autumn rise after slow summer
House prices have fallen for the third month in a row, including in the South West, after a poor summer for the property market as buyers stayed home to watch the Olympics, according to research.
The South West saw prices fall by 1.3 per cent to an average of £256,456.
Nationally, house price fell for the third month in a row after a poor summer for the property market as buyers stayed home to watch the Olympics.
The average asking price for a property fell 0.6 per cent between August and September to £234,858 in England and Wales, Rightmove said.
The fall follows declines in July and August, when prices fell 1.7 per cent and 2.4 per cent month-on-month respectively.
Rightmove's latest house price index showed properties coming to market are now £11,000 cheaper than they were three months ago.
Miles Shipside, housing market analyst at Rightmove, said: "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."
Prices rose marginally year-on-year in September, up 0.7 per cent, but are almost unchanged compared with five years ago as the housing market has ground to a halt.
Mr Shipside said: "The state of the housing market is little different now to this time last year and prices have stagnated as neither buyers nor sellers have been forced to change their behaviours in sufficient quantities to stimulate greater activity.
"The global squeeze in the credit markets has seriously affected the man on the street's access to mortgage financing, permanently hampering their ability to finance their journey onto and up the housing ladder."