House price growth to halve as sellers flood the market
Estate agents had an average of 65 homes on their books last month, with sellers waiting over two months on average to secure a buyer, according to Rightmove. The online property portal said it was halving its growth forecast for 2025 from 4pc to 2pc as a result.
The average asking price dropped by £4,531 – or 1.2pc – to £373,709 in July, according to the Rightmove House Price Index. The index measures asking prices, rather than what properties actually sell for.
While there is typically a drop in asking prices at the beginning of the summer, largely due to buyers and sellers being on holiday, this represents the largest seasonal decline since the index began in 2002
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