London house prices: asking prices fell £23,000 last month as market returns to seasonal patterns after ‘frenzied’ two years

Asking prices across London as of August 2022

(Picture: Rightmove / ES)

As interest rates rise and the threat of imminent recession looming, average asking prices in London dropped by some £23,000 in the last month — the first fall of the year.

According to new research from Rightmove prices fell by 3.4 per cent in the past month, to an average of £668,587. This is still 5.2 per cent higher than in August 2021 but represents the biggest tumble of any UK region.