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UK asking prices fall in August by the biggest margin since 2018
Rightmove forecasts UK house price growth this year between 0% and -2%, down from 2% growth previously, as mortgage rates and uncertainty weigh on demand.
Britain’s housing market posted its weakest August since 2018, with newly listed home prices falling as sellers cut asking prices to attract buyers, according to data from Rightmove reported by the Guardian Business. The average price of a newly listed home in Britain fell 2% over the month to £364,999, a decline of £7,360 that was larger than a typical August. The data also showed average asking prices are now 1.0% lower than a year ago, reflecting cooling demand tied to higher mortgage rates in recent months.
Rightmove also lowered its outlook for house price growth, forecasting prices will rise between 0% and -2% this year, down from a prior forecast of 2% growth. The outlet attributed the downgrade to an uncertain geopolitical backdrop, a changing mortgage-rate environment, and difficulty in forecasting the rest of the year ahead of the new chancellor’s first budget in October.
The figures further highlighted a regional split, with prices in the north of England up 1.5% versus a year ago, while prices in the south were down 1.8% over the same period. The Guardian Business said the wider “North-South divide” underscores how the housing slowdown is uneven across the country.