House prices fall for second straight month, says Rightmove
The average asking price for a UK home fell by 1.7 per cent, or £4,091, during August.
According to property website Rightmove, this is the biggest fall in values so far in 2010 and brings the typical price tag for a house to £232,241.
Miles Shipside, the company's director, said that while a drop in prices is normal during August, as many potential buyers are away on holiday, the latest figure marks the second consecutive monthly decline in a year that has previously only seen increases.
He added that between January and June, property values rose by seven per cent - but they have now dropped by 2.3 per cent since July.
"We predict that the gains made so far this year will have dissipated by year end, although there could be some individual monthly rises in the more active months of September and October," Mr Shipside commented.
In related news, the UK Statistics Authority is to review the "coherence and comparability" of house price indices from the Department for Communities and Local Government and the Land Registry to ensure differences in their methodologies and results do not cause confusion.
It will also look at market information published by organisations including Rightmove, Nationwide, Halifax and the Royal Institution of Chartered Surveyors.
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