Aug 18, 01:51 AM

Rightmove Says UK Home Asking Prices Dip 1.3% as July Sales Surge

UK property website Rightmove said the average asking price for newly listed homes fell 1.3% in the four weeks to 9 August, broadly in line with the usual mid-summer slowdown. The drop leaves the typical price tag at £368,740—about £10,800 cheaper than in May—although values remain 0.3% higher than a year earlier. Sellers are sharpening prices to stand out in a market where supply is abundant: one in three homes on the market has had at least one reduction, the second-highest proportion for this point in the year since 2012. Despite the discounts, buyer activity is resilient; the number of sales agreed in July was the strongest for that month since 2020, when the market rebounded after the pandemic lockdown and stamp-duty incentives. Rightmove property expert Colleen Babcock said lower mortgage costs and the Bank of England’s fifth interest-rate cut since August 2024 are underpinning demand. The average two-year fixed mortgage now carries a 4.49% rate, down from 5.17% a year ago, which could encourage more buyers even if further sizeable rate declines are unlikely.

#Rightmove #Colleen Babcock #Bank of England

Written with ChatGPT .

Rightmove Says UK Home Asking Prices Dip 1.3% as July Sales Surge

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