Asking prices for newly listed homes in Britain fell by 1.2 per cent in July, marking the steepest decline for the month since at least 2001, Reuters reported on Monday, citing property website Rightmove. The drop, measured between June 8 and July 12, comes as sellers price more competitively amid a surge in available housing stock. Compared with July 2024, asking prices were just 0.1 per cent higher. Inner London saw the steepest monthly decline, down 2.1 per cent, while northeast England posted a 1.2 per cent rise. Earlier this month, mortgage lender Nationwide reported a 0.8 per cent drop in its June house price index — the largest since November 2022. Official figures show annual house price growth slowed to 3.9 per cent in May, down from 7.0 per cent in March. Despite the recent price softness, improved affordability is emerging. Rightmove noted that lower mortgage rates and 5.0 per cent annual wage growth were helping to ease pressure on buyers. The average two-year fixed mortgage rate now stands at 4.53 per cent, down from 5.34 per cent a year ago. Attribution: Reuters Subediting: M. S. Salama
