Monthly average residential property prices fell by £1,076 (0.3%) in August 2021, the first month prices have dropped this year, data published by property website Rightmove reveals.

While the value of first-time buyers' properties increased by £1,328 (0.6%) and second-stepper properties by £975 (0.3%) in August, the upper-end four-bedroom-plus sector decreased by £4,699 (0.8%) in August, dragging average property prices down.

Commenting on how the data only shows a downturn in the upper-end property prices, Tim Bannister, director of property data at Rightmove, said the sector is "usually more affected by seasonal factors such as the summer holidays".

He added that these properties have seen "the greatest withdrawal of stamp duty incentives".

As of 1 July 2021, tapering of the stamp duty land tax holiday on residential properties means there is no tax due on property bought in England and Northern Ireland for up to £250,000, down from the previous £500,000 threshold.

Original rates will apply from 1 October 2021.

Rightmove predicts there will be an autumn bounce in both seller activity and prices, meanwhile, as individual buyer enquiries are up by 56%.

Get in touch to talk about getting the most out of the stamp duty land tax holiday.