Overview

• Rightmove data show average new seller asking prices have dropped by £10,777 over the summer to £368,740, including a 1.3% (£4,969) fall in August.
• Listings are about 10% higher year-on-year, keeping supply at its highest level in a decade and strengthening buyers’ negotiating positions.
• Around one-third of homes have had their asking prices reduced, with properties priced correctly selling in an average of 32 days compared with 99 days for those needing markdowns.
• Sales agreed in July rose 8% year-on-year to the strongest July since 2020, underscoring sustained buyer demand despite elevated listings.
• Rightmove experts say the recent base-rate cut may boost buyer confidence but lenders expect only marginal further reductions in mortgage costs.