
The property portal noted that asking prices have fallen in the month of August for the past 18 years, and the size of this month’s drop is in line with the long-term average.
Despite the dip, Rightmove claimed that the recent Bank of England rate cut has helped to “accelerate mortgage rate drops and contributed significantly to improved buyer demand”.
Good news for housing market
The number of potential buyers contacting estate agents about homes for sale is up 19% since the 1st of August compared to the same time a year ago.
The number of sales being agreed is now 16% ahead of the near-peak-mortgage-rate period of a year ago, while the number of new sellers coming to market is 5% ahead of last year.
Rightmove’s weekly mortgage tracker shows the average five-year fixed mortgage rate is now 4.8%, down from 5.82% a year ago.

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The website suggested that these “better conditions are helping to set up a positive autumn market”. As a result, it has revised its 2024 asking price prediction from an overall fall of 1% to an overall 1% rise.
Tim Bannister, Rightmove’s director of property science, said: “The first bank rate cut since 2020 has sparked a welcome late summer boost in buyer activity.
“While mortgage rates aren’t yet substantially lower since the rate cut, the fact that the long-hoped-for first cut has finally arrived, and mortgage rates are heading downwards, is positive for homemover sentiment.”
Nathan Emerson, CEO of Propertymark, added: “What the housing market urgently needs is a confidence boost following three years in 2020-23 of economic disruption.
“If inflation continues [to] fall next month, it would be positive for the Bank of England to use this as an opportunity to cut interest rates further, especially as the recent cut in interest rates spurred some activity in the housing market.
“Additionally, now that the new UK Government has had a month in power, they should implement their Planning and Infrastructure Bill to liberalise the planning system and deliver those millions of new homes the country desperately needs while protecting the green belt.”