Asking prices for newly listed homes in Britain recorded their biggest August fall since 2018 despite a modest pickup in activity after Prime Minister Andy Burnham took office, property website Rightmove said on Monday.
• Average asking prices fell 2.0% in four weeks to August 8, sharper than the 10-year average fall of 1.3%
• Summer slowdown and 12-year high number of homes for sale weigh on prices
• Asking prices were 1.0% lower than a year earlier, the biggest annual fall since December 2023
• London saw the sharpest fall with asking prices down 3.1% annually but prices rise in the north of England
• Buyer demand up 5% since Burnham became prime minister on July 20 but was 10% lower than a year earlier
• The average two-year fixed mortgage rate rose to 5.09% from 4.92% a month earlier.
• Rightmove cut its forecast for price growth of 2% in 2026 and to flat or a fall of up to 2% with risks seen from geopolitical uncertainty, higher mortgage rates and October’s budget
• The survey was based on prices of properties put up for sale between July 12 and August 8.
(Editing by William Schomberg)
