Average UK house asking price drops by more than £1,000
According to the property site, this month's price drop of £1,277 comes as sellers lower expectations amid an intensely competitive market that has reached decade-high levels in terms of the number of homes available for sale.
The price reductions are not uniform across the entire market, with some regions performing better than others. High-priced areas, particularly in the South and London, have seen the most significant price drops, likely due to a combination of higher stamp duty taxes and a greater availability of homes for sale.
These regions are also facing a heightened supply of properties, which puts additional downward pressure on prices.
Read more: What to watch this week: Inflation, Bank of England interest rates, Accenture, Berkeley and Whitbread
'It appears that we're now seeing the decade-high level of homes for sale, and the recent stamp duty increases in England, have a delayed impact on new sellers' pricing. Prices have fallen this month after the new records set in April and May," said Colleen Babcock, property expert at Rightmove.
"Agents have been telling us that sellers need to set a competitive price to have a better chance of finding a buyer in the current market, and it looks like many are listening and responding to that message. Such realistic pricing will remain key in the coming months. Underneath the headline figures, we can see regional variations in price changes this month, which appear closely linked to buyer affordability and supply levels,' she added.
In contrast, more affordable areas such as the North West, Wales, and Yorkshire & The Humber have experienced the largest price increases this month. These regions have been less affected by the recent stamp duty changes, with Wales, in particular, benefiting from a stable property tax environment. Additionally, the number of homes coming to market in these areas has increased at a slower rate compared to the South.
Overall, the average asking price is still up 0.8% compared to this time last year, suggesting a general upward trend in property values despite June's dip.
Amid the price reductions, buyer activity has remained robust. In May, the property market saw the highest number of sales agreed since March 2022, with sales 6% higher than in the same month last year. Properties that are priced correctly and presented in good condition continue to attract serious interest, even with the larger volume of homes for sale.
Buyers are now 3% more active than they were at the same time last year, though the number of new homes coming onto the market has increased by 11%, outpacing new buyers. Rightmove said that the current market is highly price-sensitive, which means that sellers who set realistic expectations and adjust their pricing to reflect current conditions are likely to be more successful.
Read more: Mortgage rates steady ahead of Bank of England interest rate decision
Homes with an appealing listing, whether through a competitive price, a well-written description, or high-quality images, are far more likely to attract early interest, which is crucial in securing a buyer.
'It's an encouraging market for those looking to buy, with a very good choice of homes for sale, which also means they have good negotiating power. Some buyers with a home to sell in the current high-supply market may achieve a lower price on their own sale, but could look to offset that by negotiating a comparable discount on their purchase," Babcock said.
Experts are seeing the shift in price dynamics as positive. In popular coastal areas like Cornwall, the combination of reduced asking prices and an influx of new homes on the market is creating opportunities for buyers to secure properties at better value.
'Serious sellers are more focused than ever, reducing or listing property at much more attractive asking prices. Buyers have more choice than ever, so the combination of a rare abundance of high-quality properties at much reduced guide prices in the prime coastal areas, is resulting in the tide finally turning in a positive way.
'The sunny weather and Cornwall looking at its very best, inevitably helps. The established and prime locations are still winning, especially at the top end of the market, giving buyers the confidence to purchase in those areas,' said Josephine Ashby, managing partner of John Bray Estates in Rock, Cornwall.Sign in to access your portfolio
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
28 minutes ago
- Yahoo
Wells Fargo Raises Arm Holdings (ARM) Price Target on AI Growth Momentum
Arm Holdings plc (NASDAQ:ARM) ranks among the . On July 21, Wells Fargo maintained its Overweight rating on Arm Holdings plc (NASDAQ:ARM) and increased its price target from $145 to $175. With recent statistics indicating Arm-based server CPU shipments rose 104% year-over-year in the first calendar quarter of 2025, the firm attributed ongoing momentum in artificial intelligence data centers as a major factor in Arm's anticipated growth in royalty revenue in fiscal 2026. Despite not releasing an official fiscal 2026 forecast owing to tariff uncertainties, Arm Holdings plc (NASDAQ:ARM) had previously predicted that royalty revenue would increase by a percentage range of the high teens to low twenties year-over-year. Wells Fargo anticipates that Arm Holdings plc (NASDAQ:ARM) will continue to maintain an above-target annual contract value and licensing revenue growth at 20% year-over-year, owing to the growing demand for licenses related to AI computing requirements. Arm Holdings plc (NASDAQ:ARM) is British software design and semiconductor company. The company provides microprocessors, graphics processing units, systems intellectual property (IPs), and other associated services. While we acknowledge the potential of ARM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. Read More: and Disclosure: None.
Yahoo
28 minutes ago
- Yahoo
DWP announces big change for 24 million people on benefits in August
The Department for Work and Pensions has confirmed a big change for 24 million people in August. The DWP says claimants will receive their benefits payments early in August due to the summer bank holiday Those due to receive payments on Monday, August 25 will instead have their money paid on Friday, August 22. This will apply to a variety of DWP issued benefits alongside the state pension. f you're expecting payments on August 23 or 24, you'll likely receive your payment on August, 22. Professor Julie-Marie Strange, a historian at Durham University, previously explained to the BBC how farming gave us this bank holiday. READ MORE: State pensioners born after 1951 being handed unexpected DWP payment tomorrow READ MORE: Millions of state pensioners set for bumper payments of £1,115 in August READ MORE Charlotte issues unprecedented statement alongside dad William She explains: 'May Day in Britain springs from much older seasonal customs associated with the agricultural economy.' 'The fires were to intimidate the various spirits, demons, goblins or fairies … that might threaten cattle health, or, rather, meat and milk!.' Prof Strange argues that 'this is not too much of a break from the past'. May Day was a chance to 'overturn social conventions and break the rules, even if only for a day.' DWP benefits affected by Summer Bank Holiday: Universal Credit State pension Pension credit Child benefit Disability living allowance Personal independence payment (PIP) Attendance allowance Carer's allowance Employment support allowance Income support Jobseeker's allowance If you need information about direct payments of benefit or state pension, you should contact the office that deals with your benefit claim or pension. If you have had a letter from the Department for Work and Pensions asking for details of your account, the letter will give you a number you can ring for more information. You can't get cheque payments for benefits paid by the Department for Work and Pensions (DWP) or by HM Revenue and Customs (HMRC). How you get paid your benefits will depend on who pays them. Most benefits are paid by the DWP. DWP and HMRC benefit payments in August You can find a full list of some of the most common benefit payments below, plus how often they are normally paid: Attendance Allowance - Usually every four weeks Carer's Allowance - Weekly in advance or every four weeks Child Benefit - Usually every four weeks, or weekly if you're a single parent or you or your partner get certain benefits Disability Living Allowance - Usually every four weeks Employment and Support Allowance - Usually every two weeks Income Support - Usually every two weeks Jobseeker's Allowance - Usually every two weeks Pension Credit - Usually every four weeks Personal Independence Payment - Usually every four weeks State Pension - Usually every four weeks Tax credits - Every four weeks or weekly Universal Credit - Every month
CNN
an hour ago
- CNN
The EU nearly triples entry fee for visitors, before it even starts
Sign up for Unlocking the World, CNN Travel's weekly newsletter. Get news about destinations, plus the latest in aviation, food and drink, and where to stay. In our travel roundup this week: the luxury death trap that was the world's first passenger plane, a forgotten but beautiful Bauhaus airport, and the rising cost of travel entry fees. The must-have travel accessory du jour is a big fat wallet. You likely have heard about the United States introducing a new $250 'visa integrity fee' for international visitors. The European Union has also been busy on the travel fee front, recently raising its upcoming European Travel Information and Authorization System (ETIAS) fee from 7 to 20 euros (about $23). The fee will apply to non-EU nationals from visa-free countries — so that means the US, the UK, Canada, Japan and more — and the plan is for it to be up and running by late 2026. The European Commission attributes this hefty increase to rising inflation, additional operational costs — and also to bringing it in line with other travel authorization programs, such as ESTAs in the US (with a price tag of $21) and ETAs in the UK. The UK hiked up the cost of its Electronic Travel Authorisation (ETA) in April, going from £10 to £16 (also around $21). Making a permanent move to another country proved just the change these Americans needed. Retired US veteran Christopher Boris was struggling to cope with the rising cost of living, so in 2024 he and his wife Maria Jesus moved from Maryland to Brazil. 'I could not afford the American Dream,' Boris tells CNN. 'But here, it's not about making money. It's establishing other factors, like friendships.' Janet Blaser, originally from New York, relocated from California to Mexico nearly two decades ago. As a single mother of three 'living paycheck to paycheck,' she says she always felt like she 'didn't have enough.' She started a magazine business and got herself a permanent resident visa. 'I feel like I succeeded here,' she tells CNN. 'I've given myself a wonderful life.' Nashville woman Linda Leaming was blown away by the beauty of the Kingdom of Bhutan when she visited in 1994. 'I knew I wanted to spend the rest of my life here,' she tells CNN. Three years later, she made the move, and has since found love and happiness in the Himalayas. 'Moving to Bhutan taught me to live mindfully,' she says. The de Havilland DH106 1A Comet was the world's first passenger jet. It was the height of 1950s luxury — but it was also a death trap with a fatal design flaw. Now it's been brought back to life. Read its incredible story here. Not long before the Comet took to the skies, a 20-minute flight between Hong Kong and Macao became a record-breaker in a different way. The world's first airplane hijacking took place on the Miss Macao seaplane in 1948. The goal? Rob the passengers and then hold them for ransom. Finally, aviation fans passing through Budapest would do well to squeeze in a visit to Budaörs, a beautiful but forgotten Bauhaus airport that's an aviation time capsule. It's been operating continuously since 1937, with its grassy airfield now used by hobby pilots, private planes and helicopters. China is telling its 1.4 billion people to abandon the nearly universal practice of 'stand right, walk left' on escalators. Instead, authorities are offering what they say is a safer and better alternative. Might the experiment catch on elsewhere? Watch the video and see what you think. If you're hitting the city streets, comfortable walking shoes are always a necessity. Our partners at CNN Underscored, a product reviews and recommendations guide owned by CNN, have a guide to the best, according to podiatrists and shoe experts. It's not just countries imposing new fees for entry. Fed-up Italian farmers have set up mountain turnstiles to charge access to Instagram hot spots. This former Soviet state is one of the world's most isolated countries. Now it's showing signs it's ready for more tourists. The new nudity. Read our 21st-century guide to taking off your clothes. Swim to work? See how Swiss residents switch up their commute.
