House prices in the UK have fallen for the first time this year, according to Rightmove's latest house price index. The average price of a property coming onto the market is now £365,173, which has dropped by 1.3 per cent in August.
So far this year, there have been six consecutive house price rises which brought the average house price to a record high of £369,968 in July. This was brought on by a continued desire to move and low number of homes for sale, with buyer demand 26 per cent higher than at the same time in 2019.
Buyer demand in August is now down 4 per cent in comparison to 2021. But Rightmove say that house prices falling is expected at this time of year, with the 1.3 per cent drop on par with the average over the last ten years.
