House prices fall faster as demand dips

The fall in house prices in England and Wales accelerated in October as consumers become increasingly worried about the outlook for the economy and shy away from buying homes, property data firm Hometrack said.

Average prices dipped 0.2 percent on the month compared to falls of 0.1 percent in each of the five preceding months, Hometrack said. House prices were 2.8 percent below the October 2010 level.

"Growing consumer concern over the outlook for the economy is beginning to impact directly on house prices," Hometrack Director of Research Richard Donnell said in a statement.