House prices in England and Wales fell by 0.6 per cent during April with this being the seventh consecutive monthly fall, new research has shown.
According to figures from Hometrack, the average value of a property is now at £173,100.
Due to this latest monthly decline in price, homes in the UK are now worth 0.9 per cent less than they were a year ago.
Richard Donnell, Hometrack's director of research, said: "Weak confidence is effectively resulting in a 'buyers' strike', with households waiting to see how events unfold."
"As we predicted last year, transaction volumes will be the big casualty. There now seems the prospect of a record low in residential sales volumes in 2008," he added.
Further findings from Hometrack showed that homeowners are being forced to accept an average of 92.7 per cent of the asking price, the lowest level since January 2005.
Meanwhile, a recent survey from the Halifax showed that house prices fell by 2.5 per cent during March.
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