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According to the statistics from the property portal, the average amount being asked for a home is now £222,762.
This is 2.2 per cent lower than the figure of £227,864 that was recorded in July, which was a 0.6 per cent increase on June's level.
London was the only area where prices rose in August, climbing 2.1 per cent year-on-year to £387,265.
Commercial director at Rightmove Miles Shipside explained that greater mortgage availability is needed in order for prices to rise further.
"In spite of pent-up demand, the market and pricing is boxed in by restrictive lending criteria put in place to ration mortgages," he explained.
Earlier this month, Property Executive suggested that the commercial property sector is beginning to show signs of recovery following the economic downturn.
