House prices in the UK have fallen for the first time this year, property website, Rightmove reveals.
Figures on the property website shows that average price of property coming to market in August was down 0.3%, a drop of £1,076 to £337,371 which is said to be prompted by the ending of the stamp duty holiday and a fall in demand for bigger homes.
Director of property data in Rightmove, Tim Bannister said, “Average prices have only fallen in the upper-end sector.”
North London estate agent, Jeremy Leaf also said, “A reversal was hardly unexpected after the government started to taper the stamp duty holiday at the end of June.
“But when you drill down more deeply into the figures, you see more of what we are finding at the coalface, such as an improvement in demand for smaller houses and flats.”