London sellers’ asking prices fell in August by £14,633 (-3.4%), Rightmove has reported.

Asking prices fell in all 32 London boroughs, with falls of 2.9% in both Kensington & Chelsea and Westminster.

The number of properties coming to market fell by 9% from last month, and by 18% from August 2010.

New sellers coming to market in August have reduced their asking prices by an average of 3.4%. This leaves prices over £20,000 (4.7%) down from the record high that was seen as recently as two months ago.

Rightmove said that prices often fall back at this time of year, but the renewed turmoil in global financial markets may be starting to hit home with London buyers who have thus far been insulated from the worst of the downturn.

Miles Shipside, director of Rightmove, said: “The London housing market has done an about-turn over the summer