Asking prices for homes fell by 1.1% in the last month as sellers reacted to rising interest rates and the increasing gloom over the fate of the economy, according to property portal Rightmove.

The firm said listings prices for homes on the site fell by an average of £4,159, taking annual price growth down to 7.2%, from 7.8% in October, as buyer demand fell back to just above pre-pandemic levels.

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