Average UK house asking price drops by almost £5,000
According to the property site, this month's price drop of £4,531 comes as sellers lower expectations to catch buyers' attention amid a high supply of homes for sale.
London, the country's largest regional market, leads the charge in price reductions with an overall drop of 1.5%, driven largely by Inner London, where prices fell by 2.1%. This market shift comes as sellers in the capital react to external factors, including changes to stamp duty and tax rules, while also trying to compete for the growing pool of potential buyers.
Despite the price reductions, buyers are still active, with the number of sales agreed up 5% compared to this time last year. Furthermore, inquiries from potential buyers are 6% higher than in 2023, indicating continued demand. At the same time, affordability is improving for many buyers, helped by lower mortgage rates and rising wages.
'We're seeing an interesting dynamic between pricing and activity levels right now. The healthy and improving level of property sales being agreed shows us that there are motivated buyers out there who are willing to finalise a deal for the right property. What's most important to remember in this market is that the price is key to selling," Colleen Babcock, property expert at Rightmove (RMV.L), said.
Read more: UK savers lost nearly £3,000 to inflation over past 5 years
"The decade-high level of buyer choice means that discerning buyers can quickly spot when a home looks over-priced compared to the many others that may be available in their area. It appears that more new sellers are conscious of this and are responding to this high-supply market with stand-out pricing to entice buyers and get their home sold," she added.
The national drop of 1.2% in July is the largest price fall recorded at this time of year in over two decades of Rightmove (RMV.L) data, as high level of housing supply and the summer holiday season have made the market more competitive. Rightmove said sellers have been forced to become more agile in their pricing strategies, given the oversupply of homes available for sale.
'It's been a promising first half of the year for activity levels, particularly when you consider that some will have brought their plans forward to try to avoid added stamp duty from April," Babcock said.
"Even after the stamp duty deadline, we're seeing more sales being agreed and more new potential buyers entering the market than at the same time last year. Still, the knock-on effect of high buyer choice is slower price growth, so we're revising down our prediction of how much the asking price of a home will increase over the whole of the year," she added.
Rightmove's (RMV.L) revised property price forecast for 2025 now suggests that prices will rise by just 2% instead of the earlier forecast of 4%. The high supply of homes on the market continues to cap significant price growth, but the positive momentum in buyer activity means that prices are still expected to edge up modestly.
Read more: Sea-view homes in Britain cost over £88,000 more on average
Mortgage affordability is also improving. Rightmove's (RMV.L) mortgage tracker showed that the average two-year fixed mortgage rate has fallen to 4.53%, compared with 5.34% this time last year. This drop, combined with average wage growth of over 5%, means that many buyers are saving around £150 per month on a typical mortgage, creating more room for purchasing power.
Looking forward, Rightmove (RMV.L) is maintaining its forecast of 1.15 million property transactions in 2025, as the current market remains active. If the Bank of England cuts rates twice more this year, as is expected, this could further encourage buyer demand and push affordability in the right direction.
'Looking ahead to the second half of 2025, there will still very likely be the usual quieter seasonal periods around the summer holidays and Christmas, but we expect market activity to continue to be resilient. Crucially, buyer affordability is heading in the right direction, and another two bank rate cuts before 2026 would be a big boost to this,' said Babcock.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
Forbes
6 minutes ago
- Forbes
From The Fairway To Fatherhood: Scottie Scheffler's Lesson In Priorities
PORTRUSH, NORTHERN IRELAND - JULY 20: Scottie Scheffler of the United States celebrates victory on ... More the 18th green with his wife Meredith Scheffler and son Bennett Scheffler on Day Four of The 153rd Open Championship at Royal Portrush Golf Club on July 20, 2025 in Portrush, Northern Ireland. (Photo by Oisin Keniry/R&A/R&A via Getty Images) The best golfer in the world just won his second major of the year—the British Open at Royal Portrush—and he did it with the kind of dominant performance we usually associate with legends. But when Scottie Scheffler walked off the 18th green on Sunday, it wasn't just another trophy that defined him. It was the baby in his arms, the kiss from his wife, and the quiet strength of a man who knows exactly what matters most. Scheffler's mindset is where the real lesson lies. Scheffler, still in his 20s and already a generational talent, was asked before the tournament what keeps him going, what fuels him to be the best. His answer wasn't what most executives, entrepreneurs, or elite athletes typically say. "There's a lot of people that make it to what they thought was going to fulfill them in life, and you get there, you get to No. 1 in the world, and they're like, 'What's the point?'" he told the media. "I really do believe that, because what is the point? Why do I want to win this tournament so bad? That's something that I wrestle with on a daily basis." Scheffler's honesty cuts deep and stands in stark contrast with the mindset displayed by some great champions like Tiger Woods and Kobe Bryant. In boardrooms and locker rooms alike, we're taught to chase the next title, the next win, the next peak. But what if that's not the summit that brings meaning? What if we're climbing the wrong mountain? For business leaders, that question isn't just philosophical—it's strategic. If you don't know your "why," you'll never lead with conviction, and your team will know it. After besting the world's best golfers time and again, Scheffler reflected on how fleeting that feeling can be. "If I win, it's going to be awesome for about two minutes. And then we're going to get to the next week and it's gonna be like, 'Hey, you won two majors this year. How important is it for you to win the FedEx Cup playoffs?' We work so hard for such little moments." Every executive knows that sensation. You land the big deal. Close the quarter. Ring the bell. Then Monday morning comes, and we wonder, what's next? The greats learn to enjoy the moment—but not to be consumed by it. Scheffler's grounded nature reminds us that success should never be your only identity. Scheffler grew up in Texas. When he won the Byron Nelson Championship in front of his home crowd, it felt like destiny fulfilled. But even then, the glow of victory didn't last long. PORTRUSH, NORTHERN IRELAND - JULY 19: Scottie Scheffler of The United States plays his second shot ... More on the 14th hole during the third round of The 153rd Open Championship at Royal Portrush Golf Club on July 19, 2025 in Portrush, Northern Ireland. (Photo by) "To win the Byron Nelson Championship at home, I literally worked my entire life to become good at golf, to have an opportunity to win that tournament,' he said last week. 'And you win it, you celebrate, get to hug my family, my sister's there. It's such an amazing moment. And then it's like, 'OK, now what are we going to eat for dinner?' Life goes on." That kind of post-win wisdom is rare and it becomes even more poignant when you watch Scheffler walk off the course with his wife Meredith and their young son, Bennett, after his British Open win. This wasn't just a champion soaking in the applause. It was a father returning to his family. "I love being able to play this game for a living. It's one of the greatest joys of my life. But does it fill the deepest wants and desires of my heart? Absolutely not," Scheffler said. "I love being a father, I love be able to take care of my son. I love to be able provide for my family out here playing golf, and every day when I wake up early to go put in the work, my wife thanks me for going out and working so hard. And when I get home, I try and thank her every day for taking care of our son." That's the kind of gratitude we don't often hear from top performers. But it might just be the most important kind. In business circles, we still hear echoes of that old mindset: leave your personal life at the door. But that thinking is rightfully changing. Forbes contributor Roger Trapp recently looked at new research that shows how employees having supporting spouses can help businesses. 'Spousal support enhances employees' own capacity to help others in the workplace,' Trapp wrote. 'This can make them more valuable team members and help to strengthen the social fabric of their organizations.' For Scheffler, that's not a theory. It's his lived truth. "I'm blessed to be come out here and play golf, but if my golf ever started affecting my home life or it ever affected the relationship I have with my wife or with my son, that's gonna be the last day that I play out here for a living," he said. "This is not the be-all, end-all. This is not the most important thing in my life. And that's why I wrestle with, 'Why is this so important to me?' Because I would much rather be a great father than I would be a great golfer." NORTH BERWICK, SCOTLAND - JULY 08: Scottie Scheffler of the United States walks on the eighth hole ... More with his wife Meredith Scheffler and son Bennett Scheffler prior to the Genesis Scottish Open 2025 at The Renaissance Club on July 08, 2025 in North Berwick, Scotland. (Photo by) In my years of interviewing champions, from Walter Payton to John Wooden, I've come to realize the ones who last—the ones who lead not just teams, but leave legacies—are those who build their lives on something deeper than the scoreboard. Scottie Scheffler is that kind of leader. He may be the world's best golfer today, but he's already something more important: a man who knows what matters. In a world that puts hustle over home, and output over inner peace, that might just be his greatest win yet.
Yahoo
an hour ago
- Yahoo
Erie County home listings asked for more money in June – see the current median price here
The median home in Erie County listed for $244,900 in June, slightly up from the previous month's $244,500, an analysis of data from shows. Compared to June 2024, the median home list price decreased 1.4% from $262,400. The statistics in this article only pertain to houses listed for sale in Erie County, not houses that were sold. Information on your local housing market, along with other useful community data, is available at Erie County's median home was 1,587 square feet, listed at $154 per square foot. The price per square foot of homes for sale is up 2.8% from June 2024. Listings in Erie County moved briskly, at a median 35 days listed compared to the June national median of 53 days on the market. In the previous month, homes had a median of 36 days on the market. Around 230 homes were newly listed on the market in June, a 17.3% increase from 196 new listings in June 2024. The median home prices issued by may exclude many, or even most, of a market's homes. The price and volume represent only single-family homes, condominiums or townhomes. They include existing homes, but exclude most new construction as well as pending and contingent sales. In Pennsylvania, median home prices were $329,000, a slight increase from May. The median Pennsylvania home listed for sale had 1,728 square feet, with a price of $195 per square foot. Throughout the United States, the median home price was $440,950, a slight increase from the month prior. The median American home for sale was listed at 1,852 square feet, with a price of $233 per square foot. The median home list price used in this report represents the midway point of all the houses or units listed over the given period of time. Experts say the median offers a more accurate view of what's happening in a market than the average list price, which would mean taking the sum of all listing prices then dividing by the number of homes sold. The average can be skewed by one particularly low or high price. The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from Please leave any feedback or corrections for this story here. This story was written by Ozge Terzioglu. Our News Automation and AI team would like to hear from you. Take this survey and share your thoughts with us. This article originally appeared on Erie Times-News: Erie County home listings asked for more money in June – see the current median price here Solve the daily Crossword
Yahoo
an hour ago
- Yahoo
Harry Upcott Joins Vinson & Elkins to Drive Aviation Finance Expansion in Europe
By Daniella Parra Vinson & Elkins has expanded its global aviation finance practice with the addition of Harry Upcott as a partner in its London office, it said. Upcott brings extensive experience advising on complex aviation and satellite financing, leasing, and M&A deals, and is recognized for his commercially practical approach, the law firm said. 'Vinson & Elkins has a clear focus on building a strong international platform in aviation finance,' Vinson & Elkins Partner Harry Upcott said. 'The firm's integrated capabilities across finance, capital markets and restructuring provide a market-leading platform for supporting clients in this dynamic sector.' READ MORENever Miss an Insight, Our Newsletter Contact: Exec Edge Editor@ Click to follow us on LinkedIn
