Average asking prices fell 0.2% in July, compared to the previous month, according to the latest data from Rightmove.  

The average UK home is now £371,907, down £905 from a month earlier.

The data also shows prices are just 0.5% higher than in the same period last year - the lowest rate of year-on-year monthly growth since November 2019.

The monthly fall comes despite the number of properties available to buy being 12% lower than at this time in 2019.

Buyer demand remains 3% higher than it was in 2019. The numbers of sales agreed in June in the mid-market second-stepper sector and the top-of-the-ladder sector are 14% behind what they were in 2019.  

With the Bank of England’s base rate at 5% and high interest rates, Rightmove says it agents are reporting that some movers are delaying buying or selling until mortgage rates have stabilised.