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Average UK house prices fall in August

Staff Writer |
Asking prices for homes in England and Wales fell in August compared to a month ago due to Brexit worries and a quieter summer holiday period, Rightmove said.

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Prices of homes for sale dropped 1.2% on the month in August, the biggest fall since November, following a 0.9% decline in July. The average asking price for homes in England and Wales was £304,222 in August.

On the year, prices rose 4.1% in August but it marked a slowdown from July's 4.5% year-on-year growth, according to Rightmove's survey which covered properties put on sale between 10 July and 6 August.

London experienced the biggest monthly decline with asking prices decreasing 2.6% to £619,409, although it was 2.1% higher than a year ago.

Miles Shipside, Rightmove director and housing market analyst, said: "Many prospective buyers take a summer break from home-hunting, and those who come to market at this quieter time of year tend to price more aggressively.

"This summer is also affected by both Brexit uncertainty and the aftermath of the buy-to-let rush in March to beat the stamp duty deadline."

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