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

Rightmove Reports Larger-Than-Usual Summer Drop in Asking Prices

Rightmove’s latest House Price Index reveals that the average asking price of newly-listed homes in the UK has dropped by 1% (£3,832) this month to £372,359. This decline is significantly larger than the average July drop of 0.2% recorded over the past decade.

The report highlights that second stepper homes saw the biggest average monthly fall at 0.9%, while top of the ladder and first-time buyer property asking prices fell by 0.5% and 0.6% respectively. Rightmove attributes the lower levels of growth to several factors, including the World Cup, the ongoing heatwave, higher interest rates, and political changes.

The number of available homes for sale is currently 1% below this time last year, but remains close to a 12-year high for this time of year, according to Rightmove. Market activity levels are also below those of last year, with mortgage rate increases—linked to the war in Iran—contributing to challenging conditions. The number of sales agreed in the first half of the year was 6% lower than the same period in 2025, but level with the first half of 2024.

Rightmove’s analysis shows that buyer demand temporarily dropped during recent heatwaves, with an 8% decline in May, a 6% decline in June, and a 4% dip during the current July heatwave. The report also notes that three quarters of homes that have sold and completed this year did so without an asking price reduction. Homes requiring a price reduction spent an average of 127 days on the market, compared to 36 days for those that sold without a reduction.

The report suggests that new sellers are attempting to attract summer buyers who are facing distractions such as the World Cup, hot weather, and the traditional holiday season. Rightmove also notes that the arrival of a new Prime Minister presents an opportunity to make housing a renewed priority.

For letting agents and inventory clerks, these trends highlight the importance of accurate pricing and the impact of seasonal and external factors on market activity and property turnover.