House prices fall by £4,000 as buyers get Budget jitters

AVERAGE house prices have fallen by £4,159 just a month after reaching a record high.

The drop in the average asking price compared with October is a 1.1 per cent month-onmonth fall, according to property website Rightmove.

Last month, prices averaged a record £371,158 despite concern about mortage costs. Across Britain, the average price of a newly marketed home fell to £366,999 this month.

The first-time buyer sector continues to be the most affected by falling demand and uncertainty ahead of Thursday’s Budget.

There were also signs owners with properties sitting on the market are willing to reduce prices to sell.

Rightmove’s Tim Bannister said ex-chancellor Kwasi Kwarteng’s mini-Budget had hastened ‘the slowing of market activity... we’re now in another state of limbo as we wait for any surprises or help in Jeremy Hunt’s autumn statement.’ ■ Average rent on a newly let home rose to £1,204 a month in October, passing £1,200 for the first time. In London, average rents passed £2,100 last month, letting agent Hamptons said.