Rightmove say average UK house price has tumbled by more than £10,000
According to Rightmove, prices fell by nearly £5,000 month-on-month in August alone.
The average price of a home coming to market fell by 1.3%, or £4,969, month-on-month in August to stand at £368,740, the property experts said.
August's price drop is in line with the average for this month seen over the past decade, following the bigger-than-usual falls in June and July, the report added.
The average new seller asking price for a home has now fallen by just over £10,000 (£10,777) this summer, the website said. In May, the average price tag on a home was £379,517.
Rightmove said there is a 'two-speed market' with savvy summer sellers pricing realistically to attract buyers, while others are pricing properties too high.
Just over a third (34%) of properties for sale are reduced in price, and since 2012, the figure has only been higher at this time of year in 2023, Rightmove said.
The overall average time to find a buyer is now 62 days, however, it takes an average of 32 days to find a buyer if a property does not need a price reduction, versus 99 days if it does, according to the website's analysis.
It said the number of sales being agreed is 8% ahead of this time last year as serious buyers and sellers lock in deals.
The number of homes for sale is 10% up compared with this time last year.
Colleen Babcock, a property expert at Rightmove, said: 'Savvy summer sellers have read the room and are coming to market with even more competitive pricing than usual to really stand out and attract serious and active buyers.
'Astute buyers are now benefiting from new seller asking prices which are on average an enticing £10,000 cheaper than three months ago.
"Buyers have the upper hand in this high-supply market, so a tempting price is vital to agree a sale.
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'The strategy is working, with the number of sales agreed in the full month of July being the best at this time of year since 2020.
'At that time, the market had recently reopened after the first pandemic lockdown, and generous stamp duty reductions had just been announced.
'However, the high number of price reductions we're seeing is an indicator that some sellers are still coming to market with too high a price and then reducing it to become competitive.'
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