House prices across England and Wales fell by 1.9 per cent and by 3.1 per cent on the year, according to a report from Haart, part of estate agency group Spicerhaart.
The Haart housing market monitor found that house prices in the UK fell by 3.1 per cent in the year to August 2018 and by 1.9 per cent in the month from July 2018.
The report found the average UK house price is currently £223,834.
There was positive news in terms of transactions, with the number rising by 10 per cent in the month to August 2018, with viewings up 1.1 per cent.
The report says this suggests that buyers looked at fewer properties before choosing to buy.
First-time buyers registering onto the market increased by 2.8 per cent in the month to August and by 25.5 per cent since August last year.
Haart chief executive Paul Smith says: “For over two years we have been listening to bold claims from commentators and public figures about the impact that Brexit will have on the housing market, but what we are seeing on the ground is proving them otherwise.
“The number of buyers entering the market is at the highest in two years, and the number of property transactions in August is the most seen since November 2016.
“Even the formerly sluggish London market is starting to make a u-tum. House prices are down slightly on the month and are flat on the year, but transactions have jumped 15 per cent on the month.
“With 20 buyers chasing every property on the market in London, it is clear that it is a lack of stock that is really holding the market back from reaching its full potential.”