UK house prices fall as London decline intensifies

UK house prices fell for the first time in seven months as sellers adapted to the reality of the weaker market. Asking prices slipped 0.1 per cent in July from a month earlier, property website Rightmove said on Monday. In London, prices slipped 0.5 per cent, with smaller apartments falling faster than bigger homes. The reduction in asking prices can "be a sign of a falling market," Rightmove director Miles Shipside said. "With more price reductions at this time of year than in any of the last six years, there is likely to be a combination of both initial over-pricing and failure to react fast enough -- or to reduce by enough -- when initial buyer interest fails to lead to a sale." The British housing market is weakening after a three-decade boom amid slower economic growth and the uncertainty created by Brexit. London, where the average house price is more than double the national average, has been hit harder than the rest of the country. This month's declines also reflect a normal summer slowdown in activity, Rightmove said.