As reported by the Financial Times, house asking prices in the UK have witnessed the most significant decline since 2018. This trend marks another indicator of the property market’s gradual deceleration, following four consecutive months of declining home prices.
Data from real estate portal Rightmove reveals that in the five-week period leading up to August 12th, the average asking price for new sellers’ homes stood at £364,895, representing a decrease of £7,012 from the previous month. This marks the most substantial drop in a year since the onset of the COVID-19 pandemic.
The decline in asking prices comes amidst record-breaking wage growth and relaxed mortgage interest rates. This development suggests a preliminary improvement in affordability for UK homebuyers, who have faced the burden of high borrowing costs following a series of interest rate hikes by the Bank of England.
