Property price tags drop £10,000 over summer as sellers cut prices to shift homes

The average asking price for a home fell by more than £10,000 over summer, according to figures from property website Rightmove.

The average price of a home across Britain fell by 1.3 per cent, or £4,969, in the past month to stand at £368,740.

The August price drop is in line with the norm for the month, but it follows bigger-than-usual falls in June and July.

It means the average asking price for a home has fallen £10,777 this summer, from £379,517 in May.

Rightmove said some sellers were pricing homes correctly, but that many were having to reduce prices after initially opting to ask for unrealistic sums.

Just over a third (34 per cent) of properties for sale are currently reduced in price, and this figure has only been higher at this time of year once in the past 13 years, Rig