Asking prices for homes in London - seen as the engine of the property market across the country - have fallen for the first time in a year. Five interest rate rises in the last 12 months are also cooling the market in other parts of the country, including the West Midlands, the North of England and the South-West. At the same time, there has been a fall in the number of new homes coming onto the market, which could be a result of the introduction of Home Information Packs.

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