SAVVY SUMMER HOME SELLERS DRIVE BEST JULY FOR SALES AGREED SINCE 2020

The average national property price coming to market has dropped 1.3% (£4,969) this month to £368,740, in line with the ten-year seasonal average following larger June and July falls, according to Rightmove.

Savvy summer sellers are pricing realistically to attract holiday-distracted buyers, boosting sales activity. July saw the best number of sales agreed since 2020, now 8% ahead of last year, while homes for sale are 10% higher, muting annual price growth to 0.3%. Rightmove describes it as a two-speed market: many sellers price competitively, while others remain too high.

In Yorkshire and Humberside, the average house price has dropped by 1.9% to £253,762, taking on average, 63 days to find a buyer. Patrick McCutcheon, head of residential at Dacre, Son & Hartley, said: “Across the Yorkshire market we have agreed lots of sales, particularly in July, and there are plenty of properties for buyers to choose from. The additional choice makes it a more competitive market, and this is a key reason why price growth remains sluggish. To see off the competition and secure a successful sale, sellers must seek the advice of a knowledgeable local property expert to price accurately and motivate buyers.”

Currently, 34% of properties are reduced in price, with average time to find a buyer at 62 days. Properties that don’t need reductions sell in 32 days on average, versus 99 days if they do.

The Bank of England’s third rate cut of the year has helped buyer affordability, with the average two-year fixed mortgage rate at 4.49%, down from 5.17% last year, though uncertainty remains over a fourth cut.

Colleen Savvy, property expert at Rightmove, said: “Savvy summer sellers are coming to market with competitive pricing to attract serious buyers. Asking prices are on average £10,000 cheaper than three months ago, giving buyers the upper hand. The strategy is working, with July sales the strongest since 2020. Sellers who need to reduce prices should act quickly to stay competitive. Strong summer sales and stable buyer demand bode well for the autumn, supported by recent rate cuts and falling mortgage rates.”

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