Average UK house prices fall for first time in 2021
Average asking prices for UK houses fell for the first time in 2021 during July following the conclusion of the primary phase of Downing Street's stamp duty holiday.
Property prices had fallen an average of 0.3% since mid-July, according to data from Rightmove, principally driven by a cooling at the top end of the market, with the average asking price for a home across the UK slipping to £337,371.
At the high end, average asking prices slipped nearly £4,700 over the same period of time to £616,421.
However, on an annual basis, average asking prices were still 5.6% higher year-on-year, down only slightly from the 5.7% annual increase registered a month earlier.
Rightmove director of property data Tim Bannister said: "Our analysis shows that average prices have only fallen in the upper-end sector, which is usually more affected by seasonal factors such as the summer holidays and has also seen the greatest withdrawal of stamp duty incentives.
"We also anticipate that more property will come to market when those owners have more clarity over their employers' long-term balance of home and office working."