Olympics blamed for 0.6pc house price fall The fall follows declines in July and August, when prices fell by 1.7pc and by 2.4pc month-on-month respectively. Rightmove's latest house price index showed that properties coming to market were now £11,000 cheaper than they were three months ago. Miles Shipside, housing market analyst at Rightmove, said: "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." He added: "The global squeeze in the credit markets has seriously affected the man on the street's access to mortgage financing, permanently hampering their ability to finance their journey onto and up the housing ladder." Hefty deposits now required by lenders are putting a house purchase out of reach for many first time buyers, with the average deposit now at around 25pc. This is preventing many from getting on the housing ladder, despite better affordability. Figures from Halifax recently showed that it was now more affordable on a monthly basis to own a home than to rent, costing 18pc - or £132 - less on average thanks to lower mortgage rates and property price falls. The data from Rightmove shows that prices fell month-on-month in most regions, except London and East Anglia, which saw a 0.3pc rise to £456,237 and 4.3pc increase to £229,231 respectively.