UK Property: Largest August Price Drop Since 2018
Rightmove reports the UK’s largest August asking price drop since 2018, with new listings falling 2.0% to £364,999.
Rightmove’s latest house price index reveals that the average asking price for newly listed homes in the UK has fallen by 2.0% this month. This decline represents a reduction of £7,360, bringing the current average asking price to £364,999. While seasonal price adjustments are common during August, the magnitude of this decrease is significant compared to historical trends.
The data indicates that this is the largest price drop recorded for the month of August since 2018. Rightmove notes that while asking prices typically soften in August, the current 2.0% fall exceeds the ten-year average for the period. This suggests a more pronounced shift in seller expectations or market conditions than is usually observed during the summer months.
The report highlights a notable deviation from the standard seasonal pattern, with the ten-year average for August price movements being less severe than the current figures. The specific drop of £7,360 per property underscores the intensity of the correction in the current market environment. These figures serve as a key indicator for the state of the UK property market as it transitions into the autumn period.