2012.10.1203:51:00UTC+00UK House Prices Decline For Third Month: Survey

House prices in the United Kingdom decreased for the third successive month in September, signaling a further slowdown in the mortgage market, data from a survey by Acadametrics and LSL Property Services showed Friday.

The house price index dropped 0.1 percent on a monthly basis in September, after falling 0.2 percent each in the previous two months.

The average price of a house in England and Wales was GBP 225,374 in September, lower than GBP 225,611 recorded in August.

Compared to September 2011, house prices on average increased 2.2 percent after gaining 2.3 percent in August, with London continuing to be the main driver of growth.

At the same time, the number of house purchase transactions fell sharply by 24 percent in September, reflecting mainly the knock-on effect of Olympic distraction.

"The fall in monthly prices and the steady decline in the annual rate of house price inflation do point to a slowing market at a time when the government is trying hard to induce new levels of activity and confidence," Acadametrics Chairman Peter Williams said.