Average house prices in England and Wales fall by £3,600

Summer slowdown sees month-on-month drops take average house price to £304,222.

According to property website, Rightmove, the average price of a home in England and Wales has fallen by £3,600 in August so far, taking the average asking price across England and Wales to £302,222.

Despite the biggest drop since November, the average asking price is still 4.1% higher than it was a year ago.

According to a survey by Rightmove that covered properties put on sale between July 10 and August 6, asking prices fell by a monthly 1.2%, after shedding 0.9% in July.

The figures show that the north-east of England is the only region where asking prices are lower than in August than a year earlier with the average price of a house at £147,330, 1.2% down on August 2015.

The east of England saw the biggest percentage rise in asking prices over the last year, with an average asking price of £334,951, 8.2% higher than in August 2015. House prices in London saw the biggest month-on-month dip, with house prices dropping by 2.6% in August.

In Wales, asking prices edged down by 0.2% month-on-month to reach £180,425 on average.

The stamp duty increase which came into action on April 1, led to a surge in buyers aiming to beat the new charges in the first half of the year. This brought many buyers forward who may have otherwise made a purchase later on in the year.

Rightmove’s Director, Miles Shipside, 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.

“It will be welcome news for some northerners that the traditional north-south divide may be taking a rare turn in their favour.”

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