House prices in the UK have fallen for the first time in 2022 largely because of seasonal factors rather than wider economic conditions, a property website has said.
According to the Rightmove website, the average asking price for UK properties fell by 1.3 percent, or £4,795 ($5,680), in cash terms month-on-month in August to reach £365,173 ($432,613).
However, the fall may be more owing to a usual seasonal lull than wider economic factors such as interest rate rises, the website said.
Prices usually fall in August, and the 1.3 percent drop is in line with the average drop seen in that month over the past 10 years, according to the report….