That’s according to Rightmove, which noted a £1,617 fall in asking prices to £373,493. The property portal explained that this is a bigger drop than the 20-year July average of -0.2%.
It added that sellers are dropping prices to “capture the attention of buyers with a more tempting price heading into the thick of the summer holidays”.
Despite the monthly dip, prices remain stable overall at 0.4% higher than a year ago.
Tim Bannister, Rightmove’s director of property science, said: “Three major uncertainties hanging over the property market at the start of the year were when the first interest rate cut would be, and the timing and the result of the general election.
“We’ve now got the political certainty of a new government with a large majority, which we expect will help homemover confidence.
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“It’s very early days, but the new Chancellor’s immediate announcements on housebuilding targets and planning reform are positive signs that the Government is keen to get going with its manifesto pledges.”
Sales up compared to last year
The number of sales being agreed is now 15% above the same period a year ago, suggesting that buyers were “largely undeterred by the general election”, according to Rightmove.
The number of new sellers coming to market in the last four weeks is also up, at 3% above last year.
Buyer demand, measured by the number of would-be buyers contacting estate agents about homes for sale, remains stable.
