Home prices slumped to an eight-year low in August after the fourth monthly decline in a row.

Figures from the Rating and Valuation Department released on Thursday showed that prices of private flats dipped by 1.7 percent from the previous month, and more than 13 percent year-on-year.

Since January, prices have fallen 6.2 percent.

Prices of small and medium-sized flats were down 1.7 percent in August compared to July, while those for larger units fell 1.3 percent.

Rents, however, rose 1 percent, going up for the sixth straight month and reaching a five-year high.

Rents were up 7 percent year-on-year. They have risen 6.2 percent since the start of the year.