NEARLY £4,000 has been wiped off the price of the average home as higher interest rates continue to take their toll on the property market, a new set of figures show.
But Yorkshire and Humberside bucked the national trend and saw prices rising by a further 1.3% after gains of 3% the previous month, according to property website Rightmove.
In five weeks to August 14, asking prices in England and Wales fell by 2% to average £192,335.
And the rate of annual house price inflation fell for the first time in seven months.
It dropped from a 16-month high of 18% in July to 15.7% in August.
The group said the market was responding to higher borrowing costs, with interest rates rising by 1.25% since November.
Falls in the asking price of property were seen across southern regions, Wales and the Midlands.
Miles Shipside, commercial director at Rightmove, said: "The Bank of England can't raise the cost of borrowing five times in nine months without something happening. While it took much longer than people expected, it is now hitting the housing market at the sharp end."