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According to the London-based research company Hometrack, the average price of a home in England and Wales fell to £167,000, a drop of 5.3 per cent.
Hometrack director Richard Donnell commented: "A recovery in the housing slump, even back to zero monthly growth, is still some way off."
He added: "It is confidence over the outlook for job prospects and the wider economy that is fundamental to any sustained turnaround in market conditions."
In the London housing market, the cost of a residential property fell by 1.1 per cent on July's figures, while the average period of time a house remains on the market increased from 11 to 11.3 weeks, reports Bloomberg.
Following the drop in house prices, the government has been urged by the Royal Institution of Chartered Surveyors to take "significant and decisive action" to help resuscitate the markets, according to the Guardian.
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