Editor's note: This brief was summarised by The Property AI Newsroom from a report by Property118. Read the original article for full details.

House Prices Drop in July Amid Political Uncertainty and Higher Mortgage Costs

Sellers in England reduced their asking house prices by an average of £3,832 in July, according to Rightmove. The 1% monthly drop brought the average price of a newly listed home to £372,359.

Rightmove reported that political uncertainty, higher mortgage costs, and an unusually distracting summer contributed to the decline in house prices. The report also noted that July typically sees a seasonal decline in prices.

For UK letting agents and inventory clerks, these market changes may impact rental demand and property turnover, as sellers adjust their expectations in response to current market conditions.