UK House Prices Drop Over £10,000 During Summer, Rightmove Reports

Published: 18 August 2025. The English Chronicle Desk

The average price of homes across Britain has fallen by more than £10,000 over the summer months, with a notable decrease recorded in August, according to recent data from property portal Rightmove.

The average asking price for a property coming onto the market dropped by 1.3%, or £4,969, in August alone, settling at £368,740. This decline, while typical for the month historically, follows steeper reductions in June and July, bringing the overall summer decrease to £10,777 since May.

Rightmove noted a “two-speed market,” where some sellers are strategically pricing homes to attract buyers, while others continue to overprice. Currently, 34% of properties on the market have undergone price reductions, a figure only surpassed last year. The average time to secure a buyer stands at 62 days, but properties priced correctly from the outset take 32 days, compared with 99 days for homes requiring reductions.

Despite the price drops, the number of sales agreed is 8% higher than this time last year, and the total number of homes available for sale has risen by 10% year-on-year.

Property experts highlighted the benefits for buyers, noting that homes are on average £10,000 cheaper than three months ago. Colleen Babcock, property expert at Rightmove, explained that competitive pricing is drawing serious buyers and helping transactions move more quickly, mirroring trends seen during previous periods of strong market activity.

Recent Bank of England base rate cuts have further bolstered buyer confidence, with experts predicting stable market conditions through the autumn. Mortgage specialists caution, however, that further rate reductions may be limited and will likely target specific buyer segments.

Local estate agents also reported varying trends. In Yorkshire and the Humber, the mid-to-high-end market is performing well, bolstered by investor activity. In London, first-time buyer demand has rebounded strongly after earlier slowdowns, though some well-priced homes remain unsold as buyers await potential further price adjustments.

Mary-Lou Press, president of the National Association of Estate Agents Propertymark, said that the increase in agreed sales and new listings is a positive signal of consumer confidence, noting that base rate cuts have enhanced affordability for buyers amid ongoing economic uncertainty.