House asking prices fell by 0.4 per cent between June and July, equivalent to an average drop of £1,617
Experts are also optimistic for the housing market moving into autumn, buoyed by political certainty and a prospective drop in interest rates.Tim Bannister, Rightmove’s director of property science, said: “Three major uncertainties hanging over the property market at the start of the year were when the first interest rate cut would be, and the timing and the result of the general election.
The number of sales being agreed is 15 per cent above where it was this time a year ago, when mortgage rates were approaching their peak. Current market expectations are that the first Bank of England base rate cut may be as soon as August or September, which would provide a significant boost for buyers. The average five-year fixed mortgage rate is still nearly twice as high as it was before the first of 14 consecutive Bank of England rate increases in 2021.