Average asking prices for UK homes fell for the third month running in August, according to Rightmove . The property website said that asking prices – a useful barometer for market sentiment – dropped by 1.3% (£4,969) this month to £368,740.

While this is in line with the average for August, it follows "bigger than usual falls" in the previous months. The drop in July was the biggest in more than 20 years recorded by the company.

What's happened to house prices?

Property prices may not yet have crashed "on the surface", said The Telegraph earlier this year, but the housing market has not recorded real price growth – "when adjusted for inflation" – since 2022.

London , long the driver of nationwide house price growth, has seen the UK's largest drop in average asking prices. Price

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