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Biggest fall in house prices for 18 months

House prices have fallen for the first time since January and have seen the biggest reductions for 18 months, according to housing tracker Rightmove in its latest house price index figures.

It says asking prices overall fell by 0.6 per cent in August. House prices in London fell by 2.8 per cent and the average home in London is now worth less than it was a year ago.

The biggest price falls were seen in the North, where they dropped by 3.5 per cent, and in Wales, which saw a reduction of 3.2 per cent.

However, despite the price falls, the index shows that demand is continuing to outstrip supply which could bring a possible shortage of stock later this year.

Around 31,700 more properties came off the market than came on the market last month and Rightmove believes this shortage may lead to price increases in the future.

Commercial director Miles Shipside says: “For the fourth month running, more properties have come off the market than have come on and we are starting to move towards a lowstock scenario.

“As activity picks up towards the autumn and the number of buyers grows, estate agents are looking for more good properties – it is becoming a very good market for sensibly priced sellers.”

We are starting to see vendors being realistic with prices and that is enough to entice buyers back through the door. There are some fantastic mortgages available out there and the critical combination of attractive house prices and cheap borrowing is encouraging serious interest from prospective purchasers.”

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