The average price of property coming to market has dropped by 1.3% this month (-£4,795) to £365,173.
This is the first price fall of the year, though traditionally prices do fall in August, and this drop is on a par with the average of 1.3% over the last ten years.
As the school holidays arrive, distracted home-movers, especially those in higher-priced homes, appear to be putting their plans on hold until the autumn moving season.
Demands for buying are down by 4% compared to 2021, however they remain 20% higher than back in 2019.
Tim Bannister, Rightmove’s Director of Property Science, said: “A drop in asking prices is to be expected this month, as the market returns towards normal seasonal patterns after a frenzied two years, and many would-be home movers become distracted by the summer holidays.
"Indeed, for those that can, this may be their first summer holiday abroad since before the pandemic.
"Sellers who want or need to move quickly at this time of year tend to price competitively in order to find a suitable buyer fast, with some hoping to complete their move in time to enjoy Christmas in a new home.
"To achieve that this year, they’d need to beat the current average time between accepting an offer and completing the sale of four and a half months.
"Nevertheless, we’re still expecting price changes for the rest of the year to continue to follow the usual seasonal pattern, which means we’ll end the year at around 7% annual growth, even with the wider economic uncertainty.”
Properties in Harrogate had an overall average price of £338,786 over the last year.
While down in London, the overall average price is £826,967, a 7% increase since 2019.
We take a look at the average costs of houses up and down the country...
