{"id":14820,"date":"2025-07-22T03:01:59","date_gmt":"2025-07-22T03:01:59","guid":{"rendered":"https:\/\/lotayamedia.xyz\/?p=14820"},"modified":"2025-07-22T03:01:59","modified_gmt":"2025-07-22T03:01:59","slug":"uk-housing-market-sees-biggest-july-price-drop-in-20-years","status":"publish","type":"post","link":"https:\/\/lotayamedia.xyz\/?p=14820","title":{"rendered":"UK Housing Market Sees Biggest July Price Drop in 20 Years"},"content":{"rendered":"<p class=\"ds-markdown-paragraph\">The UK property market has recorded its\u00a0<strong>largest July price slump in over two decades<\/strong>, with average asking prices falling by\u00a0<strong>1.2%<\/strong>\u00a0this month, according to the latest data from\u00a0<strong><a href=\"https:\/\/www.rightmove.co.uk\/\" target=\"_blank\" rel=\"noopener noreferrer\">Rightmove<\/a><\/strong>.<\/p>\n<h2><strong>Key Findings from Rightmove\u2019s Report<\/strong><\/h2>\n<ul>\n<li>\n<p class=\"ds-markdown-paragraph\">The\u00a0<strong>average asking price<\/strong>\u00a0now stands at\u00a0<strong>\u00a3373,709<\/strong>, down\u00a0<strong>\u00a34,531<\/strong>\u00a0from June.<\/p>\n<\/li>\n<li>\n<p class=\"ds-markdown-paragraph\">Year-on-year growth is just\u00a0<strong>0.1%<\/strong>, the smallest annual increase in years.<\/p>\n<\/li>\n<li>\n<p class=\"ds-markdown-paragraph\">This is the\u00a0<strong>steepest July decline<\/strong>\u00a0since Rightmove began tracking data\u00a0<strong>20 years ago<\/strong>.<\/p>\n<\/li>\n<\/ul>\n<h3><strong>Why Are Prices Falling?<\/strong><\/h3>\n<p class=\"ds-markdown-paragraph\">While seasonal dips are common in summer, this year\u2019s drop is particularly sharp. Experts suggest sellers are\u00a0<strong>adopting more competitive pricing strategies<\/strong>\u00a0to attract buyers in a\u00a0<strong>high-supply market<\/strong>.<\/p>\n<ul>\n<li>\n<p class=\"ds-markdown-paragraph\"><strong>Housing stock is at a 10-year high<\/strong>, giving buyers more choice.<\/p>\n<\/li>\n<li>\n<p class=\"ds-markdown-paragraph\"><strong>Sales agreed are up 5%<\/strong>\u00a0compared to last year, indicating that realistic pricing works.<\/p>\n<\/li>\n<li>\n<p class=\"ds-markdown-paragraph\">Buyers are\u00a0<strong>taking longer to decide<\/strong>, viewing more properties before committing.<\/p>\n<\/li>\n<\/ul>\n<p class=\"ds-markdown-paragraph\">Phillip Bishop, Managing Director at\u00a0<strong>Perry Bishop Estate Agents<\/strong>, explains:<\/p>\n<blockquote>\n<p class=\"ds-markdown-paragraph\"><em>&#8220;Buyers now have significant choice, making them more selective. Sellers who price competitively are securing deals faster.&#8221;<\/em><\/p>\n<\/blockquote>\n<h2><strong>Affordability Improves as Mortgage Rates Drop<\/strong><\/h2>\n<p class=\"ds-markdown-paragraph\">Several factors are making homebuying slightly more affordable:<\/p>\n<ul>\n<li>\n<p class=\"ds-markdown-paragraph\"><strong>Wage growth (6%)<\/strong>\u00a0has outpaced both\u00a0<strong>inflation (2%)<\/strong>\u00a0and\u00a0<strong>house price growth (0.1%)<\/strong>.<\/p>\n<\/li>\n<li>\n<p class=\"ds-markdown-paragraph\"><strong>Average two-year fixed mortgage rates<\/strong>\u00a0have fallen to\u00a0<strong>4.53%<\/strong>\u00a0(down from\u00a0<strong>5.34%<\/strong>\u00a0last year).<\/p>\n<\/li>\n<li>\n<p class=\"ds-markdown-paragraph\">This could save buyers\u00a0<strong>\u00a3150 per month<\/strong>\u00a0on a typical mortgage.<\/p>\n<\/li>\n<\/ul>\n<p class=\"ds-markdown-paragraph\">With the\u00a0<strong>Bank of England expected to cut interest rates twice more this year<\/strong>, further market activity could be stimulated.<\/p>\n<p class=\"ds-markdown-paragraph\">Colleen Babcock,\u00a0<strong>Rightmove\u2019s Property Expert<\/strong>, says:<\/p>\n<blockquote>\n<p class=\"ds-markdown-paragraph\"><em>&#8220;We\u2019re seeing an interesting dynamic\u2014buyers are motivated, but with so much choice, they\u2019re quick to spot overpriced homes. Smart sellers are adjusting to stand out.&#8221;<\/em><\/p>\n<\/blockquote>\n<h2><strong>Regional Price Changes: Where Are Prices Falling Most?<\/strong><\/h2>\n<ul>\n<li>\n<p class=\"ds-markdown-paragraph\"><strong>London<\/strong>\u00a0saw the\u00a0<strong>biggest drop (-1.5%)<\/strong>, with\u00a0<strong>prime inner London<\/strong>\u00a0falling\u00a0<strong>-2.1%<\/strong>.<\/p>\n<\/li>\n<li>\n<p class=\"ds-markdown-paragraph\"><strong>South East (-1.2%)<\/strong>,\u00a0<strong>North West (-1.2%)<\/strong>, and\u00a0<strong>South West (-1.1%)<\/strong>\u00a0also declined.<\/p>\n<\/li>\n<li>\n<p class=\"ds-markdown-paragraph\">Only the\u00a0<strong>North East (+1.2%)<\/strong>\u00a0and\u00a0<strong>East Midlands (0%)<\/strong>\u00a0avoided price drops.<\/p>\n<\/li>\n<\/ul>\n<p class=\"ds-markdown-paragraph\">For a deeper regional breakdown, check\u00a0<strong><a href=\"https:\/\/www.zoopla.co.uk\/\" target=\"_blank\" rel=\"noopener noreferrer\">Zoopla\u2019s latest market analysis<\/a><\/strong>.<\/p>\n<h2><strong>What\u2019s Next for the UK Housing Market?<\/strong><\/h2>\n<ul>\n<li>\n<p class=\"ds-markdown-paragraph\">Rightmove has\u00a0<strong>downgraded its 2025 price growth forecast<\/strong>\u00a0from\u00a0<strong>4% to just 2%<\/strong>.<\/p>\n<\/li>\n<li>\n<p class=\"ds-markdown-paragraph\">The market is\u00a0<strong>stabilizing post-stamp duty changes<\/strong>\u00a0introduced in April.<\/p>\n<\/li>\n<li>\n<p class=\"ds-markdown-paragraph\">Nathan Emerson,\u00a0<strong>CEO of Propertymark<\/strong>, notes:<\/p>\n<\/li>\n<\/ul>\n<blockquote>\n<p class=\"ds-markdown-paragraph\"><em>&#8220;The market is showing resilience despite recent disruptions.&#8221;<\/em><\/p>\n<\/blockquote>\n<h3><strong>Final Thoughts<\/strong><\/h3>\n<p class=\"ds-markdown-paragraph\">While the\u00a0<strong>record July dip<\/strong>\u00a0may seem alarming, it reflects a\u00a0<strong>more balanced market<\/strong>\u00a0where\u00a0<strong>realistic pricing drives sales<\/strong>. With\u00a0<strong>mortgage rates easing<\/strong>\u00a0and\u00a0<strong>buyer confidence returning<\/strong>, the second half of 2024 could see\u00a0<strong>steady, if slower, activity<\/strong>.<\/p>\n<p class=\"ds-markdown-paragraph\">For ongoing updates, follow\u00a0<strong><a href=\"https:\/\/www.bbc.co.uk\/news\/business\" target=\"_blank\" rel=\"noopener noreferrer\">BBC News Property<\/a><\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The UK property market has recorded its\u00a0largest July price slump in over two decades, with average asking prices falling by\u00a01.2%\u00a0this &#8230;<\/p>\n","protected":false},"author":1,"featured_media":14821,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rank_math_title":"","rank_math_description":"","rank_math_focus_keyword":"","rank_math_keywords":"","footnotes":""},"categories":[16,2],"tags":[],"class_list":["post-14820","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-marketing"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/lotayamedia.xyz\/index.php?rest_route=\/wp\/v2\/posts\/14820","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lotayamedia.xyz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lotayamedia.xyz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lotayamedia.xyz\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lotayamedia.xyz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14820"}],"version-history":[{"count":1,"href":"https:\/\/lotayamedia.xyz\/index.php?rest_route=\/wp\/v2\/posts\/14820\/revisions"}],"predecessor-version":[{"id":14822,"href":"https:\/\/lotayamedia.xyz\/index.php?rest_route=\/wp\/v2\/posts\/14820\/revisions\/14822"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lotayamedia.xyz\/index.php?rest_route=\/wp\/v2\/media\/14821"}],"wp:attachment":[{"href":"https:\/\/lotayamedia.xyz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lotayamedia.xyz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lotayamedia.xyz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}