House prices fell across all regions of the UK for the first time since April 2009 this month, a survey suggests.
Prices dipped on average by 0.4% in September, according to Hometrack, although it says talk of double-digit house price falls is "overdone".
Demand for housing dropped for the third consecutive month in September, this time by 2.9%.
The survey also suggests the volume of buyers registering with agents has fallen by 6.5% over the same period.
Elsewhere, the average time a property is on the market is 9.3 weeks, the highest level for a year and up from 8.9 weeks in August and 8.7 weeks in July.
The increase is due to the widening gap between supply and demand. Over the past six months the supply of homes for sale has grown by 16% while demand has fallen by 1.6%.
Richard Donnell, director of research at Hometrack, says: "This is the third consecutive month of house price falls and is part of an ongoing re-pricing process which began six months ago in early spring, and which is set to stretch well into 2011.
"Talk of a double-dip, with the implication being that the market will see double digit house price falls, is overdone despite the weak outlook for demand. We expect a slowdown in the volume of homes coming on the market to limit the scale of absolute price falls over the next 12 months," he said.
London and the South East has seen the biggest drop in demand since June, the survey shows.
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