Drop in August asking prices follows 0.6% fall in July

Property asking prices fell 1.7% this month as sellers continue to outstrip demand says Rightmove.

The latest survey by the property website shows the average asking price fell £4,091 across 117,000 new properties added this month. This is the biggest reduction in asking prices measured this year and follows on from the drop of 0.6% in July.

August and December are the two months of the year that traditionally see price falls. Miles Shipside, director of Rightmove said: “No one really wants to come to market in August unless they have to. It shows these new sellers have a compelling need to sell, as they have lopped over £4,000 off the average asking price”.

Following gains of 7.0% from January to June, prices have now fallen back by 2.3% in the last two months.

Shipsade added: “We predict that the gains made so far this year will have dissipated by year end, although there could be some individual monthly rises in the more active months of September and October.”