Overview

• Asking prices fell by 1.3% month-on-month in the four weeks to mid-August, marking a £10,777 drop since May
• Newly advertised homes for sale rose about 10% year-on-year to a decade high, with 34% of listings now reduced in price
• Properties selling without price cuts found buyers in 32 days on average compared with 99 days for those needing reductions, driving an overall 62-day sales cycle
• July saw the strongest level of agreed sales for that month since 2020, running roughly 8% ahead of last year’s pace
• Bank of England rate cuts have eased two-year fixed mortgage rates to around 4.49%, offering modest affordability relief for buyers