House prices in the United Kingdom have stagnated for the past five years since the collapse of mortgage lender Northern Rock.

Thus, the average price of a home coming to market this September is £234,858, a mere 0.7% higher than a year earlier and 0.1% lower than in September 2007, according to property website Rightmove.

As a comparison, average asking prices soared by 55% between 2002 and 2007.

Commenting on the above data Miles Shipside, housing market analyst at Rightmove, said: "Back in 2007 few would have believed that house prices would still be the same in five years' time."

Mr. Shipside also highlighted how the standstill masks the credit crunch's losers, such as those who have been forced to rent and people in negative equity.

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UK home sellers cut asking prices for a third month in September. Average asking prices in England and Wales fell 0.6% after declining 2.4% in August.

"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," Mr. Shipside said

Eight out of the 10 regions in England and Wales tracked by Rightmove posted monthly price drops. House prices in London rose 0.3% in September from August and were up 6.6% from a year earlier.



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