Is first drop in house prices this year just a summer lull?

THE average price for a house in the UK has fallen for the first time this year, data has shown.

The average asking price for a home dropped 1.3 per cent – or £4,795 – to £365,173 in August.

It marks the first month-onmonth drop this year, according to property site Rightmove.

But the company noted the decline may be the result of a seasonal lull rather than other factors such as rising interest rates or the cost of living squeeze.

It said house prices usually fall in August and the 1.3 per cent drop was in line with the average decline seen that month over the past ten years.

Tim Bannister, the firm’s director of property science, said that sellers who need to move quickly tend to price ‘competitively’ at this time of year.

He added: ‘A drop in asking prices is to be expected this month as the market returns towards normal seasonal patterns after a frenzied two years, and many would-be home movers become distracted by the holidays.’