Rightmove recorded an unusually large four week drop in asking prices, blaming major sporting events and extreme heat for diverting buyer attention while borrowing costs stay high.
London, 20 July – Rightmove said that the asking prices for new UK property sale listings over the four weeks to 11 July registered an unusually sharp decline. The explanation notes that the drop was driven by the Men’s World Cup and record temperatures that distract buyers who are also facing high borrowing costs.
Prices for properties put up for sale fell by 1.0% compared with the previous month, exceeding the average decline of 0.2% for the same period over the last 10 years.
Impact on the UK housing market
This decline underscores pressure on the market: buyers face high borrowing costs, and demand may remain subdued. Rightmove’s online platform also notes that the trend could affect the trajectory of asking prices in the coming months.
Experts expect that the decline in asking prices could persist until further review of demand and supply as buyers adjust to financing conditions and distracting factors.