A seasonal lull in the recent homebuying frenzy has prompted sellers to reduce their asking prices by 2.2% in August to achieve a sale, according to figures out on Monday.

The typical asking price in the UK is now £222,762, down from £227,864 in July. In London, asking prices have fallen by 3.8 per cent, from £402,761 to £387,265.

Rightmove, the property website, said that the main reason for the fall was that owners selling in the summer months tended to be more “aggressive” with the price because they need to sell but know that there is a smaller pool of buyers.

Financial Times, The Times