UK home prices are almost £11,000 (US$14,900) cheaper than three months ago, with sellers competing for attention during the market’s summer lull.
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Average asking prices fell 1.3 per cent to £368,740 this month, property website Rightmove said on Monday. While the decline was in line with long-term trends for the month of August, it follows larger-than-usual drops in June and July.
More than one in three properties have been reduced in price since first coming to market, Rightmove added.
It said the number of houses for sale is at a decade high, up 10 per cent in a year, improving affordability for aspiring homeowners just as borrowing costs come down.
The market is also adjusting to a recent increase in stamp duty – a transaction tax – that brought forward demand in the first part of the year.
“Buyers have the upper hand in this high supply market, so a tempting price is vital to agree a sale,” Colleen Babcock, property expert at Rightmove, said.