House prices fall futher 1%
The average price of a house in England and Wales dropped by £2,378 over the past month, with banks continuing to tighten lending conditions as the credit crunch took a turn for the worse.
According to the property website Rightmove, the average price fell by 1% in September compared with August and by 3.3% compared with the same month a year ago. This was the fourth monthly fall in a row but less than August's drop of 2.3%. Rightmove said this was because sellers who had to market their properties during the holiday season were forced to price more competitively.
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.
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