Rightmove reports fall in summer prices

Rightmove reports a fall in asking prices across Britain this summer and a market split between price discipline and high prices.

Rightmove data show two-speed housing market as summer prices fall

Rightmove data show the average asking price for a home coming to market fell by 1.3% in August to £368,740, with a summer drop of £10,777 from May. About a third of listings are reduced in price, and the market is described as two speed, with some sellers pricing realistically to attract buyers while others hold firm. The overall time to find a buyer is now 62 days, rising to 99 days when a price reduction is needed and 32 days if no reduction is required. Sales agreed are 8% ahead of last year, and the number of homes for sale is up 10% versus this time last year. The Bank of England’s base rate cut is seen as a potential confidence boost for the months ahead.

The data point to a market that rewards pricing clarity and patience. With more homes for sale and persistent price reductions, buyers gain leverage in a market that used to favor sellers. The pace of sales and the expected autumn activity will hinge on macro shifts, especially interest rates and lender pricing. While price cuts help close deals, they also signal if affordability pressures persist and could shape seller expectations into the next season. The rebound in activity will depend on continued rate relief and the willingness of lenders to compete for borrowers.

Highlights

The housing market continues to adapt as rates and demand move in step.