Bumper July for Estate Agents as Buyers Enjoy Lower Prices and Wider Choice

Estate agents experienced their busiest July in five years, with a surge in home sales driven by widespread price reductions and a notable increase in available properties. Data from Rightmove revealed an 8 per cent rise in agreed sales compared to July 2024, making this the most active July for the market since 2020, when the post-lockdown property boom took hold.

Buyers have benefited from significant reductions in asking prices, as sellers compete for attention in a market flooded with options. The average asking price of new homes listed on Rightmove fell by 1.3 per cent this month to £368,740, following larger-than-normal drops in June and July. Overall, the summer has seen nearly £11,000 shaved off average asking prices, with high-end properties—those valued over £650,000—experiencing the steepest declines.

Currently, one third of all property listings on Rightmove feature reduced asking prices, a proportion exceeded only once before, during the summer of 2023. The abundance of choice has placed buyers in a strong negotiating position, pressuring sellers to set realistic prices to secure deals.

Colleen Babcock, head of trade partner marketing at Rightmove, emphasised the importance of accurate initial pricing. Interesting data shows that well-priced homes are selling within 32 days on average, while properties requiring price cuts take an average of 99 days to attract a buyer. This pattern suggests many sellers still approach the market with inflated expectations before adjusting to more competitive levels.

Forecasters at Rightmove, Zoopla and Savills recently revised their expectations for house price growth in 2025, citing high property supply, uncertainty surrounding taxation, potential job losses and the prospect of interest rate changes as influencing factors. After recent price reductions, average asking prices now sit only 0.3 per cent higher than a year ago.

Babcock notes that prices may find support as the pipeline of new listings begins to slow. Though there are currently 10 per cent more homes for sale than last summer, new listings are up just 4 per cent year on year—a tentative sign that supply may be beginning to contract amid robust sales activity. Rightmove now forecasts a 2 per cent rise in house prices this year, down from its spring projection.