Distraction of Euros football tournament and general election lead to sellers cutting prices to “capture the attention” of would-be buyers
House prices fell 0.4% in July, a steeper drop than usual for the time of year, according to Rightmove’s latest index.
Rightmove said the average new seller asking price has dropped from £375,110 in June to £373,493 in July. The drop of 0.4% is double the usual drop at this time of year.
It said: “This is a bigger drop than the 20-year July average of -0.2%, as sellers try to capture the attention of buyers with a more tempting price heading into the thick of the summer holidays and the Olympics.
“Home-movers are dealing with more diversions than normal at this time of year, having just come through the distractions of the General Election campaign and the Euro football tournament, but prices remain stable overall at 0.4% higher than a year ago.”
July’s figure is however 0.4% higher than the figure for same period in 2023.
Rightmove said that although some would-be movers are waiting for a Bank of England base rate cut, “most are continuing with their moving plans”.
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Tim Bannister, director of property science at Rightmove, said: “Three major uncertainties hanging over the property market at the start of the year were when the first interest rate cut would be, and the timing and the result of the General Election.
“We’ve now got the political certainty of a new government with a large majority, which we expect will help home-mover confidence. It’s very early days, but the new chancellor’s immediate announcements on housebuilding targets and planning reform are positive signs that the government is keen to get going with its manifesto pledges.”
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