House prices, consumption slow as rates bite

Figures from Rightmove, the property listings service, show average prices across the UK fell 2% in the month to mid-August, wiping almost £4,000 off the value of people’s homes. Falls in Greater London were steeper still: some 4.3% of property value in the capital was sliced off in the past month, led by expensive boroughs such as Kensington & Chelsea. Some regions have experienced gains in prices, but the rate of inflation there has dropped significantly. House prices are still up 15.7% over the past 12 months, Rightmove says, but the organisation adds the market has definitely s...