Average asking prices in Britain fell by 2.3% or £7,218 this month (£233 per day), and are down by 0.1% compared to August last year at £301,973, the latest index shows.

Sales are also down, with a fall of 0.8%, according to the Rightmove house price index which suggests that it could be a seasonal downturn and the market is likely to pick up again in the autumn.

The 2.3% price drop is slightly bigger than the 2.1% fall in August 2017, with the major drag on the national average being the more subdued market in London and the commuter belt region of the South East. If those two regions are excluded then the rest of the country has a monthly drop of 1.5%.

“Sellers who come to market in the peak holiday month often have a pressing need to sell and price down accordingly, and are offering summer sale prices to entice holiday distracted buyers,” said Miles Shipside, Rightmove director and housing market analyst.

The biggest monthly fall in England was in London where asking prices were down by 3.1% to £609,205 (equating to £628 per day over the past month).