Largest drop in house asking prices during August

House sellers' asking prices fell steeply by 2.9% month-on-month to £262,401 typically in August as the mood of the market grows calmer in London in particular, website Rightmove has reported.

The dip as sellers adopt a "summer sales" attitude is the largest for the month of August that Rightmove has on its records, which go back more than a decade.

Largest drop in house asking prices during August Credit: Dominic Lipinski/PA Wire

Asking prices in London saw the largest monthly drop across England and Wales, with average prices in the capital standing at £552,783, which is 5.9% lower than in July.

Despite the drop, asking prices in the capital are still 10.3% higher than they were a year ago. The North was the only region to see asking prices increase month-on-month, with a 0.5% uplift pushing them to £149,354 typically.