House prices have dropped in most UK regions for the first time in 2022 - including a mega fall in London.
The average price of properties coming to the market has fallen this year - down 1.3 per cent this month, according to new research from Rightmove.
It means the price drop from July to August has seen the average house listed for £365,173, which is down £4,795.
House prices in London, however, fell by 3.4 per cent in the past month - to an average of £668,587, which is a huge £23,000 fall.
Although the average price is still 5.2 per cent higher than in August 2021 it remains the biggest fall of any UK region.
However, house prices normally drop in August - and the 1.3 per cent drop is on a par with the average August drop over the past 10 years.
And with the school holidays, many sellers and buyers are putting on hold their plans until the autumn.
Rightmove believes the last two years have been "frenzied" for the market, with the pandemic leaving many people looking for bigger houses as they work from home.
But with the opportunity to go on holiday and the increasing interest rates, buyers are currently biding their time.
Tim Bannister, Rightmove’s Director of Property Science, said: "A drop in asking prices is to be expected this month, as the market returns towards normal seasonal patterns after a frenzied two years.
"And many would-be home movers become distracted by the summer holidays.
"Sellers who want or need to move quickly at this time of year tend to price competitively in order to find a suitable buyer fast.
"With some hoping to complete their move in time to enjoy Christmas in a new home."
And with the current interest rates rising this could put impact sellers who are thinking about moving.
Tim added: "We are still expecting price changes for the rest of the year to continue to follow the usual seasonal pattern, which means we'll end year at around seven per cent annual growth, even with the wider economic uncertainty."
"For those looking to move who are concerned about interest rate rises, it's important that they get a mortgage in principle early on in their moving journey to understand what they could afford to borrow.
"And find out about the rates available to them to assess what they are able to repay each month."
