Rightmove has reported an average asking price fall of 1.7% (£4,091) across the 117,000 new properties added in the month between 11 July to 7 August. This is the biggest reduction in asking prices Rightmove has measured so far this year, and follows on from the drop of 0.6% in July.

Miles Shipside, director of Rightmove, said: “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