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New figures from Hometrack found that the average cost of a residential property in England and Wales has dropped 6.2 per cent on the previous year to £165,300.
The number of homes being bought and sold has also fallen to the lowest level since the 1960s, reports Bloomberg.
Richard Donnell, director of Hometrack's research unit, commented: "Weak demand continues to put a downward pressure on house prices [...] It is very hard to identify the mechanisms by which the current cycle of weak confidence, declining sales volumes and falling house prices can be reversed in the near future."
In related news, mortgage approvals in the UK dropped to 32,000 last month, while the value of loans fell to the lowest amount since 1993.
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