Asking prices for homes have dropped for the first time this year

Wed 17 Aug 2022

Asking prices for homes have dropped for the first time this year, down £4,795, because of a summer lull in activity, says sales portal Rightmove.

The typical asking price fell by 1.3% between July and August to £365,173.

Tim Bannister, Rightmove's director of property science, said: "A drop in asking prices is to be expected this month, as the market returns towards normal seasonal patterns after a frenzied two years, and many would-be home movers become distracted by the summer holidays."

If you are looking to move, and are concerned about interest rate rises then it is best to ensure you have a mortgage in principle early on in your moving journey. 

If you are having any difficulties with your mortgage repayments, there is help out there and it is best to contact your mortgage provider as soon as possible.