House prices fell by an average of almost £900 during the past three weeks, according to a property web site.

Rightmove said the average asking price of a property dropped by 0.5 per cent to £195,306 at the end of July.

The group said the fall provided evidence the market had turned and dismissed figures from Nationwide building society showing a 2.1 per cent rise in July.

Miles Shipside, Rightmove's commercial director, said: "Higher borrowing costs are acting as a cold shower to the market."

Wednesday August 04, 2004