Hong Kong flat prices declined for a fourth straight month in August, reaching their lowest level in seven months, government data showed on Wednesday.

The Rating and Valuation Department said prices fell around 1.4 percent month-on-month.

Small and medium-sized flats were 1.4 percent cheaper than they were in July, while prices for larger homes dropped 1.5 percent.

Rents, meanwhile, rose for the seventh consecutive month and were up about 1.4 percent compared to July, hitting their highest level in more than three and a half years.