UK real estate prices fell in August amid a drop in demand for bigger homes after the government withdrew its stamp duty tax break for buyers in England and Northern Ireland this summer. Property website Rightmove said the national average asking price of a home had fallen by 0.3 per cent, or about £1,000 over the past month, and now stood at £337,371. However, it said buyer demand remained strong for smaller properties in particular, and that it was predicted an “autumn bounce” in prices.
The government changed its stamp duty rules earlier this summer, bringing the boom in property values to an end. Nationwide building society said house prices fell by 0.5 per cent in July, while rival lender Halifax said prices rose by 0.4 per cent in July.