The price of property coming to the market sees the first fall this year, down 1.3% in the month to £365,173 (-£4,795):

This isn’t unusual however – Prices usually drop in August, and this 1.3% drop is on a par with the average August drop over the past ten years. Summer holidays are taking priority and some new sellers are pricing more competitively to secure a buyer quickly, to beat the lengthy average time to completion and move home before Christmas.

The latest interest rate rise of 0.5% is putting further pressure on buyer affordability: Average monthly mortgage payments for new first-time buyers putting down a 10% deposit exceed £1,000 for the first time

Interestingly though London has seen the biggest decline with a 3.5% drop. As expected  there are huge variations in London with Islington still increasing by 1.4% and Barnet down 4.4%

Wales and East Midlands seem to be bucking the trend however with prices still increasing by 2.1% and 1.3% respectively

Source Rightmove HPI index – full report here –