Rightmove’s latest House Price Index gives us a clear picture of where the market currently stands – and it’s one of contrasts.
Seasonal Price Dip
The average asking price of property coming to market has fallen by 1.3% (-£4,969) this month to £368,740. This is in line with the ten-year seasonal average for August, following sharper than usual drops in June and July.
Savvy Sellers Driving Activity
Buyers remain highly active when properties are priced competitively. July delivered the best month for sales agreed since 2020, with agreed sales now 8% ahead of this time last year.
More Choice for Buyers
The number of homes for sale is 10% higher than last year, keeping annual price growth muted at just 0.3%. With more choice available, sellers need to be realistic to stand out in a competitive market.
A Two-Speed Market
The figures highlight a clear divide:
- 34% of homes for sale have had a price reduction, one of the highest levels seen in recent years.
- Homes that do not require a price cut are finding buyers in just 32 days, compared with 99 days where reductions are needed.
Mortgage Affordability Improves
The Bank of England’s third rate cut of the year is providing a welcome boost to buyer confidence, with the average two-year fixed mortgage rate now at 4.49% (down from 5.17% a year ago). That said, uncertainty remains as to whether there will be a further cut before the end of the year.
💬 “The homes that have received the best interest this summer have been the best-priced homes, in comparison to their competition,” Daniel says. “Sellers who take a realistic approach are securing serious buyers quickly – it really is the savvy summer sellers who are driving the market forward.”
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One of our latest homes in Knockin Heath, The Pines.