LONDON (dpa-AFX) - UK house prices declined in July as decade-high level of supply limited the pricing capacity of sellers, property website Rightmove said Monday.
Average asking prices dropped 1.2 percent in July from the previous month to GBP 373,709.
Data showed that as the number of available homes remained at a decade-high level, summer sellers priced even more competitively to attract buyer interest.
London was the biggest regional driver for the monthly fall in home prices, reporting a 1.5 percent decrease in July.
The number of sales being agreed was 5 percent higher than at this time last year and enquiries by potential buyers were 6 percent higher than last year.
Compared to previous year, house prices were up just 0.1 percent in July. Lower mortgage rates and average wage rises outpaced both house prices and inflation.
Markets anticipate two more interest rate cuts this year, which is expected to stimulate housing market activity.
The Bank of England had reduced the benchmark rate four times since last August. At 4.25 percent, the current bank rate is the lowest since early 2023.
Rightmove reduced its house price growth forecast for 2025 to 2 percent from 4 percent citing pricing capacity constraints of sellers. But the website maintained its outlook for transactions at 1.15 million.
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