Property website Rightmove found asking prices fell to an average of £232,396 (down £7,590), blamed on the 'Hip effect' along with the traditional slowdown in December.
Hip rules now cover one and two bedroom properties since last Friday adding an extra 1.1% to the fall and brought 'further confusion at a sensitive time for the property market,' said the group. London properties suffered most as a surge of cheaper-than-average one or two bedroom properties came on to the market.
Prices dropped by 6.8% in the last month. Rightmove reported this would have been reduced to 4.5% without the HIP deadline. Its data showed that the percentage of one and two bedroom sales increased from 38% of new sales this time last year to 48% in the first week of December this year.
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