Overview

• The average asking price dropped 1.3% (£4,969) in August to £368,740, marking a summer decline of about £10,777 since May
• Inventory climbed to a decade high with 10% more homes for sale year-on-year and 34% of listings having reduced asking prices
• Sales agreed in July rose 8% year-on-year, making it the busiest July since 2020 and reflecting sturdy buyer demand
• Homes priced accurately now sell in about 32 days on average, while listings requiring price cuts take around 99 days
• Bank of England rate cuts since August 2024 have helped push two-year fixed mortgage rates down to roughly 4.49% with limited scope for further declines