As Christmas approaches, asking prices for UK homes are dropping.

They fell for the first time in three months in November as homesellers tried to shift properties before the psychological Christmas deadline.

Rightmove said that asking prices had fallen by 1.6% between October and November to an average of £226,440 and it predicted further monthly falls, with recovery not expected to resume until February.

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Prices in London were 3.1% down on October last year, at an average of £403,069, which Rightmove attributed to the more pressing need to sell among homeowners who market their properties just before Christmas.

The website said that the dip was evidence that the Government's extension of the stamp duty holiday for properties priced up to £175,000 was "almost irrelevant", as there was no sign that homeowners were rushing to take advantage of the incentive before it expires at the end of December.

(BMcC/GK)