Hometrack Ltd. the property researcher said UK house prices may continue its downward trend as it fell for the third month in a row, as the average cost of a home slipped 0.1% from June and 3.9% on a year basis.

The house prices have fallen this year because of the weak demand which forced sellers to cut prices, the property researcher said, adding that the prices will remain under pressure as the market now is in a broad equilibrium and the BoE interest rates remains at a low record.

A survey by Hometrack showed that sellers are accepting an average of 7% reduction on asking prices for their properties. The percentage of sales agreed rose 9.6 percent this month, while the average selling time slipped to 9.4 weeks from 9.7 weeks.