The average asking price for a residential property in England and Wales fell by 1.2% in August compared with the previous month, which was the biggest drop since November last year, according to Rightmove.

The latest data from the property website, which shows that the biggest decline in asking prices was recorded in London and the South East, down 2.6% and 2% respectively, follows on from a 0.9% month-on-month decline in July.

The latest monthly decline in asking prices reduced the annual increase to 4.1% in August, down from 4.5% in July, Rightmove said.

The drop in the average asking price appears to be related to the summer lull in the housing market rather than the UK’s decision to leave the European Union, which prompted the Bank of England to cut interest rates for the first time since 2009 earlier this month.

“Many prospective buyers take a summer break from home-hunting, and those who come to market at this quieter time of year tend to price more aggressively,” said Miles Shipside, Rightmove director and housing market analyst.

“This summer is also affected by both Brexit uncertainty and the aftermath of the buy-to-let rush in March to beat the stamp duty deadline,” he added.