House prices drop nationwide

House prices have fallen across all regions for the first time since April 2009, according to September’s Hometrack survey. The monthly report, published today, reveals average prices dropped by 0.4 per cent to £157,600. London and the South East recorded price drops of 0.4 per cent and 0.5 per cent respectively with London’s average price now £283,000. Housing demand also dropped by 2.9 per cent - the third month it has fallen. The widening gap between supply and demand has also resulted in houses taking longer to sell.