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UK asking prices fall 2% in August, biggest drop since 2018
Rightmove cut its 2025 house-price growth forecast to between 0% and -2%, citing geopolitical uncertainty and higher mortgage rates.
Britain’s housing market logged its weakest August since 2018, with Rightmove data showing the average asking price of newly listed homes falling 2.0% during the month to £364,999. The decline equated to a drop of £7,360, larger than in a typical August, and left average asking prices 1.0% lower than a year ago as mortgage rates rose in recent months.
Rightmove also lowered its forecast for house price growth this year to a range of 0.0% to -2.0%, down from a prior expectation of 2% growth. The agency pointed to an uncertain geopolitical outlook, a changing mortgage rate landscape, and the UK chancellor’s first Budget in October as factors that make it harder to predict where prices will go next.
The data further highlighted a regional split, with prices in the north of England up 1.5% versus a year ago, while prices in the south of England were down 1.8%. The outlet said the wider August decline suggested some sellers were adjusting pricing to reflect the market’s current conditions and the increased choice available to buyers.