House prices fall by £30,000 in just four weeks in some parts of UK

 
House prices in some parts of Britain fell by more than £30,000 between November and December, in further evidence that the property market is cooling down.

Rightmove said the average asking price of a property coming to market in England and Wales fell by £8,703 - or 3.3pc - to £258,424 in the four weeks to December 7 - the biggest month-on-month fall in cash terms on record.

Average asking prices in London fell by more than £30,474 to £570,706, while prices in the South East were down by just under £15,000 to £332,659.

While experts said it was normal for prices to fall during the quieter winter months, the decline could also reflect price reductions by wealthy vendors after the Chancellor introduced new stamp duty rates in the Autumn Statement. Buyers purchasing a home worth £1m or more now face higher bills.