Total mortgage declined in August for the second month in succession, according to the Council of Mortgage Lenders (CML).

The CML said that its members lent £11.4bn to home buyers and people re-mortgaging. This is the lowest August figure since 2000 and reflects the subdued level of activity in the UK property market.

"Mortgage activity almost always falls August on July due to the summer holidays but the decline this year is certainly larger than we would expect on seasonal factors alone," said Brian Murphy of mortgage broker the Mortgage Advice Bureau.

The property website rightmove said estate agents' asking prices in England and Wales dropped for the third month in a row in September.

New sellers have now reduced their asking prices by 3.4%, or more than £8,000, in the past three months.