Property asking prices have fallen in August with buyers now benefiting from reductions of £10,000 compared to three months ago.
This is according to the latest data from Rightmove, which has revealed the national average asking price for a UK home is now £368,740 – a 1.3% reduction on the £373,709 in July.
It means, in the last month, the typical asking price has fallen by £4,969.
According to Rightmove, summer sellers are pricing ‘realistically’ for the season, when buyers tend to be distracted by holidays.
And this is having the desired effect as lower asking prices, along with good buyer choice, are boosting sales activity. Rightmove said the number of sales being agreed was 8% ahead of this time last year.
What’s more, the number of homes for sale was 10% up on this time last year, muting the annual price increase to just 0.3%.
However, Rightmove’s report showed whilst many sellers were pricing ‘competitively’ others were still too high.
Indeed, 34% of properties for sale were reduced in price, and since 2012, it’s only been higher at this time of year in 2023.
Colleen Babcock, property expert at Rightmove, said: “Savvy summer sellers have read the room and are coming to market with even more competitive pricing than usual to really stand out and attract serious and active buyers.
“Astute buyers are now benefitting from new seller asking prices which are on average an enticing £10,000 cheaper than three months ago.
“Buyers have the upper hand in this high-supply market, so a tempting price is vital to agree a sale.”
Sellers: Set the price right
Babcock also offered advice for sellers. She said: “Our data shows that for a successful sale it’s better to get the price right in the first place, but if a seller does need to reduce the price it’s better to act fast rather than waiting too long.”
With summer nearly over, the property market is now bracing for the busy autumn season.
“We usually see a busier autumn compared to the summer as the new school year starts and more focus returns to moving home,” Babcock said.
“Autumn sellers may also be hoping to be in a new home by Christmas, but they would need to beat the average time to find a buyer and complete a home sale.”
