Average price tag on a home plunges by £7,360 in August – Rightmove
Vicky Shaw 1 minute ago COMMENTS The average price tag on a home coming on the market nosedived by more than £7,000 in August, according to figures from a property website.
Rightmove has also downgraded its house price forecast for 2026 from a 2% increase to a change of between zero and a 2% fall in average new seller asking prices over the year as a whole.
It said the average newly listed asking price in August fell by 2.0% or £7,360 month-on-month, marking the biggest August price fall since 2018.
Prices usually fall in the month of August but this is a much bigger drop than the 10-year average of 1.3%, the website said.
Across Britain , the average asking price for a home in August is £364,999.
The price is 1.0% lower than a year earlier, marking the biggest annual drop since December 2023.
The number of available homes for sale is also at a 12-year high for this time of year, and when combined with the traditionally quiet summer holiday period, this has led to lower price expectations from sellers, the website said.
The average figure masks an increasingly divided regional picture for property price growth, Rightmove said.
In the North West of England, the average asking price is up by 1.9% annually but in London it has fallen by 3.1%.
Rightmove’s map shows average asking prices across Britain (Rightmove/PA) Colleen Babcock, a property expert at Rightmove, said: “This month’s larger-than-usual August price drop is a sign that many sellers are recognising the reality of the market and pricing much more competitively from day one.
“Buyers have the widest choice of homes for sale at this time of year in more than a decade, so standing out on price for the right reasons is hugely important.”
She added: “One tactic some sellers are using when considering lower offers on their home is to also make a lower offer themselves on their onwards purchase, to see if they can make up the difference.”
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