Home prices have fallen to their lowest level since January, according to provisional data released on Tuesday.

The Rating and Valuation Department said prices for small and medium-sized flats were 1.1 percent lower in July compared to the month before, while larger homes were 0.6 percent cheaper.

It was the third month in a row of price falls.

For the first seven months of 2023, prices saw a 2.6 percent increase from the year before.

Rents, meanwhile, rose for the sixth consecutive month in July and were up about one percent compared to June.

Since the beginning of the year, rental prices have increased by almost 4.4 percent.