The average price of a house sold at auction plunged by nearly a quarter in the year to August, dealing a further blow to Britain's battered property market, according to data unveiled today.

Calculations by the Liberal Democrat treasury spokesman, Lord Oakeshott, show the average price of the 3,993 homes sold at auction between June and August was £130,400 - down 23% from £170,300 in the same period a year ago.

'Auctions are the sharp end of the housing market where real deals show the prices paid by real buyers. The published house price indices are well behind the game,' said Oakeshott.

The Guardian