Fall of 2.3% in seller’s asking prices in August contributes to 0.3% year-on-year fall

Housing asking prices have fallen 0.3% in the last year according to Rightmove.

In August prices fell 2.3% following a 1.6% fall in July.

The property website said the number of sellers on the market was 30% below 2007 levels.

It predicted that despite current market turbulence there would be no sharp decrease in prices because prices were already “bumping along the bottom.”

The East Midlands and the North saw the biggest year-on-year fall in asking prices, 5.3% and 4% respectively. The largest annual increase of 3.2% was in London but it suffered the biggest fall in August asking prices of 3.4%.

The average selling price in the UK is now £231,543.