U.K. Home Asking Prices Fall 1 Percent in July to £372,359

The average asking price for homes coming onto the market in Britain fell £3,832 month-on-month in July to £372,359. The 1 percent decline exceeded the 0.2 percent average July drop recorded over the past decade, The Independent reported. Rightmove data showed the number of homes available for sale stood 1 percent below the level of a year earlier yet remained close to a 12-year high for the time of year.

Sellers faced greater competition as buyer demand fell temporarily in May, June and July, periods that coincided with hot weather and the World Cup. Nearly three-quarters of homes that sold and completed this year did so without an asking price reduction. Properties requiring a cut spent an average of 127 days on the market, compared with 36 days for those that sold at the original price.

Mortgage rates rose in the first half of 2026 amid conflict in the Middle East. Matt Smith, a mortgage expert at Rightmove, said rates stood higher than many buyers expected at the start of the year and that increases linked to the war in Iran had dented confidence for some, though lenders remained competitive.

Chris Thomas, managing director at Wiglesworth & Co Estate Agents in Leamington Spa, Warwickshire, said accuracy of pricing remained critical for sellers seeking the quickest sale.

Nathan Emerson, chief executive of Propertymark, noted that global unease had prompted greater caution among consumers since the start of the year.