Prices on properties in Britain saw their biggest drop on record during the month of August.
Households in Britain have experienced another loss of hope as prices on properties saw their biggest drop on record during the month of August while the nation remains stuck in a double-dip recession.
The online estate agency Rightmove said UK house prices fell 2.4 percent during August, following a 1.7 percent plunge in July.
Miles Shipside, Rightmove director and housing market analyst, said: "Estate agents are always aiming to win new sellers, but if what's already on the market isn't shifting then the best advice they can give to potential new sellers is to undercut those properties already failing to sell."
Data firm Markit and high street bank Lloyds TSB calculate that the majority of consumers are still facing tough financial situations. Both of the surveys showed that consumers remain steady over spending plans and said weak earnings growth meant cash availability fell in July.
Jatin Patel, director of current accounts at Lloyds TSB, stated: "News that the economy shrank in the second quarter of the year would appear to be dampening spirits towards the UK's financial situation."
Moreover, the surveys show that financial concerns and ongoing fears over job security in the UK remain as new concerns are being raised about a possible triple-dip recession in March 2013.