Rightmove Reports Biggest July Drop in UK Home Asking Prices Since 2001

Asking prices for newly listed homes in the United Kingdom fell 1.2% between June and July, the sharpest July decline in more than two decades, property portal Rightmove said. Prices were only 0.1% higher than a year earlier, underscoring the cooling momentum in a market that had rebounded briefly earlier this year. Rightmove attributed the drop to a decade-high number of properties on the market, which is prompting sellers to price more aggressively to secure buyers. The company now expects average prices to rise about 2% in 2025, down from a 4% increase it previously forecast, even though it still projects around 1.15 million transactions for the year. Regional performance was uneven: asking prices in inner London slid 2.1% on the month, while the North East recorded a 1.2% gain. Rightmove said smaller price moves, combined with average wages rising 5.0% in the year to May and two-year fixed mortgage rates easing to 4.53%, are gradually improving affordability for prospective buyers.