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Asking prices falling as more properties stay on the market

The average asking price for a house in the UK fell by 2 per cent in the past month, according to data from market analyst Rightmove.

The company says the fall is likely to have been caused by the series of int-erest rate rises. The average property price fell from £196,198 on July 10 to £192,335 on August 15.

The trend of more properties coming on to the market than coming off continued through July, with 110,000 homes coming on the market while only 100,000 came off through the month.

The annual rate of house price inflation fell for the first time in seven months.

In July, it peaked at 18 per cent, the highest level for 16 months, and then fell to 15.7 per cent in August, which is another indicator of the gradual housing slowdown, says Rightmove.

Asking prices in York-shire and Humberside saw the biggest increase, rising by 1.3 per cent in August, although this was lower than July which saw a rise of 3 per cent and June&#39s 2.5 per cent.

Asking prices in Greater London and the South declined but prices in Wales saw the steepest fall, down by 6.8 per cent in August after a rise of 3.9 per cent in July.

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