The average price of property coming to the UK market fell by a seasonal 1.3 per cent, or £4,969, in August to £368,740, property website Rightmove said on Monday. The drop is in line with the ten-year average, following sharper-than-usual declines in June and July, as sellers price more realistically to attract buyers during the holiday period. Rightmove said agreed sales in July were the highest since 2020, with transactions now 8 per cent ahead of last year. The number of homes for sale has risen 10 per cent year-on-year, limiting annual price growth to just 0.3 per cent. The market remains split: 34 per cent of properties are being reduced in price, the highest level for this time of year since 2023. On average, homes without price cuts find a buyer in 32 days, compared with 99 days for those that need reductions, giving an overall average of 62 days. Buyer sentiment has also been lifted by the Bank of England's third interest rate cut of 2025, with the average two-year fixed mortgage rate at 4.49 per cent compared with 5.17 per cent a year earlier. However, the closer-than-expected Bank vote has cast doubt on the prospect of another cut this year. Attribution: Amwal Al Ghad English Subediting: M. S. Salama
