By Anthony O. Goriainoff


The average price of U.K. property coming to the market fell by 0.4% in July, a larger-than-average fall for the month as sellers seek to tempt customers during a busy summer season, according to new data from Rightmove.

The U.K property website said that new sellers tried to cut through several distractions ranging from the U.K. general election to sporting events and the summer holiday season.

The U.K property website said the average price of a property coming to market in July fell by 0.4%, or 1,617 pounds ($2,088), to GBP373,493, compared with the long-term average fall of 0.2% for the month. Still, market activity remained steady throughout the general election campaign and, despite signs that some would-be movers are waiting for a base rate cut from the Bank of England, most are continuing with their moving plans, it said.

Rightmove said political stability following the U.K. election is likely to aid home-mover confidence going into the second half of the year, but that concerns remain regarding the timing of a rate cut from the Bank of England as persistently-high mortgage rates continue to test affordability.

The number of sales agreed in July rose 15% year on year--when mortgage rates were approaching their peak--compared with a rise of 6% in June, with the number of new sellers coming to market up 3% year-on-year.

And although overall buyer demand in the period remained stable, demand in the first-time buyer sector--which is particularly affordability-stretched--fell 2%.

"Political certainty and a first rate cut for four years could together set the backdrop for a positive Autumn market," Rightmove said.


Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com


(END) Dow Jones Newswires

07-15-24 0044ET