Property prices fall 1.7% in August

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UK asking prices have fallen 1.7% this month as sellers outnumber buyers and the seasonal lull combined to take the heat out of the property market.

This is the biggest fall in asking prices this year and follows the drop of 0.6% in July, according to Rightmove. Miles Shipside, director of Rightmove, says: "No-one really wants to come to market in August unless they have to. It shows these new sellers have a compelling need to sell, as they have lopped over £4,000 off the average asking price." Keen sellers are negotiating to beat the competition, added to the fact August and December traditionally see price falls, says Shipside. "Following gains of 7.0% from January to June, prices have now fallen back by 2.3% in the last two ...

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