According to a property website Rightmove, the average asking price for houses in the UK fall 0.6 per cent in September from August.

The company said that fall in August comes after a fall of 1.7 per cent in July and 2.4 per cent in August, on a month-to-month basis. The data released by the website showed that the property is now £11,000 cheaper compared to three months ago.

Miles Shipside, housing market analyst at Rightmove, said, "Summer sellers have had some very stiff competition, not only from competing sellers chopping their prices, but also from the Olympics extravaganza which has been more compelling for many than viewing property."

On a yearly basis, the prices of houses were up 0.7 per cent in September 2012 compared to the same month in the previous year. Shipside also said that the even as situation has improved from the previous year but the housing market is stagnated because both buyers and sellers are cautious and have nto reason to increase activity.

There is a lack of credit for the housing market and customers are not able to arrange enough funds to purchase homes in the UK. The UK housing market is facing a difficult economic situation due to the slowdown in the economy as well as the ongoing sovereign debt crisis in the Eurozone. The officials of the Bank of England are now trying to review the impact of measures to boost credit in the UK.