Asking prices for newly listed homes in UK’s richest borough fall by £100k in one month

Fierce competition in some areas of London means landlord purchasers are making successful lowball offers

The average price of a home coming up for sale in Britain’s richest borough has dropped by almost £100,000 in a month as fierce competition among sellers in many areas prompts some to slash their price expectations, data shows.

The property website Rightmove said that for Britain as a whole, average newly listed asking prices for homes had fallen by 2% over the past month, the largest August price drop in eight years.