Hometrack, a property data specialist, just released a report saying UK’s house prices fell by another 0.1%. Those who are planning to sell their house quickly should consider the results found especially now that buyers are melting away because of the weak economy.

House prices have fallen by 0.1% in September and were down across 25% of the country. This is the 15th consecutive month that house prices have fallen. There has been a fall in the number of new buyers, down 2.6% by September, even when the number of new properties has grown by 22% from nine months up.

The continuing economic uncertainty both in UK and in the Eurozone will further affect consumer confidence that consumer demands will slip further over the final months of the year. Hometrack’s research director Richard Donnell said, “As the gap between supply and demand widens, we are likely to see an acceleration in the level of price falls as we head towards the end of the year.”

There has been a rise in the gap between actual sale prices and asking prices especially in northern England with a percentage 9% lower than asking prices. Houses in the region also sit in the market for as long as 11 weeks. Richard Donnell forecasted above average price falls in the north and north-east part of the country.

London and the south-east made a brief recovery back mid-2009 but this has fizzled out. Now almost all house price indicators are indicating a distressed market with the Land Registry reporting a 0.3% decline in August.

Hometrack data also revealed remaining property buyers making offers way below asking prices. The numbers of sellers who have successfully achieved their asking price are falling and an average property sits on the market for as long as nine and a half weeks.

London on the other hand continues resisting the trend with a 0.2% rise in prices in September masking the magnitude of the fall in other places. Donnell said,”It has been the relative strength of the London market that has supported the headline rate of growth this year.”

Knight Frankalso revealed the same price fall findings for properties outside London, falling by 1.2% in the third quarter of 2011.Knight Frank’s head of residential research Liam Baileysaid, "In normal times the prime country house market would follow the growth cycle set by the central London market, with a lag of around 18 months. London booms, the luxury country house sector follows.”

Economists are starting to agree that house prices will stagnate or drift downwards over the next 12 months. A new phase of re-pricing is expected across the market especially with price reductions coupled with a weak demand plus a less attractive housing stock is causing lower sales volumes.

Sellers who want to make a quick house sell are still confident that they’d be able to find buyers amidst the weak economy. Zoopla, a property search engine, found out in a survey that homeowners are hopeful of a 3.3% gain for their home and a 2.7% gain in house prices in their area by next year.