According to Rightmoves house price index (from 10th October to 13th November), asking prices fell this month by 1.7%, which is the second biggest fall this year. The survey suggests that some sellers are reducing property asking prices in an attempt to attract more interest from buyers.

The fall caused the annual rate to lower from 13.4% to 11.6%, with a further drop expected before the end of this year.

Miles Shipside, Rightmoves commercial director said: "Were going to see a couple of painful months for sellers as the market finds a level at which buyers are confident again. "It may be ugly for a month or two, but a bit of turbulence is inevitable on the approach to the much hoped for soft landing."

Rightmoves house price index for period - 10th October to 13th November:
October November
Average property asking price £190,329 £193,536
% Change in month -1.7% +0.6%
% Change in past year +11.6% +13.4%
Monthly index (Jan 2002=100) 154.9 157.5