UK asking prices for newly listed homes fell 1.2% in July, the steepest drop for the month since Rightmove began tracking the data in 2001. Prices were only 0.1% higher than a year earlier, underscoring how rising inventory and more cautious buyers are weighing on the market. Inner London led declines with a 2.1% monthly fall, while northeast England recorded a 1.2% increase. Rightmove now expects nationwide prices to rise about 2% in 2025, down from an earlier 4% forecast, even though transaction volumes remain roughly 5% above last year’s level. Average two-year fixed mortgage rates have eased to 4.53% from 5.34% a year ago, modestly improving affordability. Cooling signs are also emerging in the United States. The S&P CoreLogic Case-Shiller 20-City index slipped 0.34% in May, its third consecutive monthly decline, trimming annual growth to 2.79% from 3.42% in April. The national Case-Shiller gauge showed prices up 2.25% year on year, while the Federal Housing Finance Agency’s index fell 0.2% on the month and slowed to 2.8% annual growth—both the weakest readings since 2023. Regional disparities remain wide: New York and Chicago posted gains of 7.4% and 6.1% respectively, whereas Denver, San Francisco and Dallas registered year-on-year declines. Together, the latest readings from both sides of the Atlantic point to a broad loss of momentum after the sharp run-up in values during the pandemic. Higher borrowing costs, an increase in listings and greater buyer selectivity are pressuring sellers to adjust expectations, suggesting a period of subdued price growth heading into 2026.