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House Prices Dip in First Few Weeks of July Says Rightmove

The latest Rightmove index has revealed that the average price of a property coming to the market has dropped by £2,647 in July, a trend typical of the summer time.

The latest Rightmove index has revealed that the average price of a property coming to the market has dropped by £2,647 in July, a trend typical of the summer time.

The findings suggest that in July the average asking price for a home slipped by 0.9% to £307,824, although year-on-year comparisons show prices up by +4.5%.


Since 2010, prices in the month of July have recorded an average drop of -0.4%, indicating seasonal-based reason for the decline recorded this July, rather than being solely affected by the result of the referendum vote.


Demand for property in the two weeks following the referendum vote was found to be consistent with figures from the same period in 2014, but lower than in 2015. This could be due to a boost in enquiries in 2015 following the Conservatives winning last year's General Election, where enquiries were 16% higher than this year.


In terms of regional trends, Rightmove found that all UK regions experienced a decrease in the average asking prices compared to the previous month. The largest fall was seen in Wales where prices fell by 2.3%, whilst the East Midlands saw the smallest drop at -0.2%.


The majority of agents report that momentum in the UK property market is continuing due to a shortage of properties available in the market and the availability and affordability of low mortgage rates. Buyers looking to make a purchase are choosing to capitalise on favourable rates in a market of limited supply.


In the two weeks prior to the referendum, the number of properties coming to the market was down by 8% year-on-year. Conversely, in the two weeks following the referendum, this figure raised to a 6% increase year-on-year – indicating that sellers remain undeterred.


Similarly, a new poll found that two thirds of landlords have indicated that they are not planning to reduce rent prices, even if house prices are affected by the UK’s Brexit negotiations.