Rightmove’s August House Price Index reported the largest ever drop in August asking prices as ‘Summer Sales’ kick in.
Key talking points:
- Asking prices of property coming to market cut by 2.9% (-£7,758), the biggest fall Rightmove has ever recorded in August
- Holiday distractions a key driver, though drop more pronounced than usual and exacerbated by 5.9% fall in London – the third consecutive monthly fall in the capital
- London agent and NAEA President: Interest rate speculation means London buyers don’t want to find themselves ‘hamstrung by rates going up’
- New sellers adopting a ‘Summer Sales’ attitude to pricing and a slower market signals good news for buyers and relieves pressure on the Bank of England
- Average price now nearly £ 10,000 off June’s peak and annual rate falls back from 6.5% in July to 5.3% this month
You can read the full report here.
[Source: Rightmove Property Portal]
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