UK house prices fell by £7,000 in August as high mortgage rates and cost-of-living crisis hits spending power

Asking prices for homes in Britain tumbled in the biggest August fall since 2018 this month as soaring mortgage costs put buyers under pressure, according to a property website.

Average new seller asking prices fell by 1.9 per cent, or £7,012, on average to £364,895 in August, said Rightmove.