Asking prices for UK homes show biggest August fall in 8 years
Asking prices for UK homes show biggest August fall in 8 years LONDON, Aug 17 (Reuters) - Asking prices for newly listed homes in Britain recorded their biggest August fall since 2018 despite a modest pickup in activity after Prime Minister Andy Burnham took office, property website Rightmove said on Monday.
Average asking prices fell 2.0% in four weeks to August 8, sharper than the 10-year average fall of 1.3%
Summer slowdown and 12-year high number of homes for sale weigh on prices
Asking prices were 1.0% lower than a year earlier, the biggest annual fall since December 2023
London saw the sharpest fall with asking prices down 3.1% annually but prices rise in the north of England
Buyer demand up 5% since Burnham became prime minister on July 20 but was 10% lower than a year earlier
The average two-year fixed mortgage rate rose to 5.09% from 4.92% a month earlier.
Rightmove cut its forecast for price growth of 2% in 2026 and to flat or a fall of up to 2% with risks seen from geopolitical uncertainty, higher mortgage rates and October's budget
The survey was based on prices of properties put up for sale between July 12 and August 8.
(Editing by William Schomberg)
((william.schomberg@thomsonreuters.com; +44 207 542 7778; Reuters Messaging: william.schomberg.reuters.com@reuters.net))