Asking prices for UK homes drop sharply in August - Rightmove

UK advertised house prices have fallen again as surging borrowing costs deter first-time buyers, according to estate agent Rightmove.

The average asking price of newly marketed properties dropped by 1.9%, or £7,012, in August to £364,895, the biggest fall in August since 2018. Sales were also 15% lower than levels seen in 2019 before the Covid pandemic hammered the sector.

"A key factor preventing more significant price falls so far this year is that the number of available properties for sale remains historically constrained and is currently 10% lower than in 2019," said Rightmove's Tim Bannister.

“Homes that are priced right the first time, rather than being priced too high only to be reduced later, not only are more likely to find a buyer but also are more likely to find a buyer quickly,” he added.

Reporting by Frank Prenesti for Sharecast.com