🏡 UK Property Market Update: July Brings Further Price Falls as Competition Intensifies
The latest Rightmove House Price Index shows the housing market becoming even more competitive as we move through the summer months.
Nationally, average asking prices fell by 1.0% in July, taking the average asking price to £372,359. That's a larger-than-usual drop for this time of year and reflects increasing competition between sellers as buyers continue to have plenty of choice.
The annual picture has also softened, with asking prices now sitting 0.4% below this time last year, highlighting just how price-sensitive today's market has become.
More Sellers Than Buyers
One of the biggest themes from July's report is supply.
Although the number of homes coming to market is slightly lower than last year (-1%), the overall stock of homes available remains close to a 12-year high. Simply put, there are still far more properties competing for buyers than we're used to seeing.
There is some good news for buyers, however. Mortgage rates continue to edge down, with the average two-year fixed rate now 4.92%, compared to 5.08% last month.
Across England (excluding inner London):
- First-time buyer homes: -0.6% month-on-month
- Second-stepper homes: -0.9% month-on-month
- Top-of-the-ladder homes: -0.5% month-on-month
Every sector has seen prices soften, reinforcing the fact that buyers remain firmly in control.
North Yorkshire Focus
Regionally, Yorkshire & The Humber continues to prove relatively resilient.
- Average asking price: £259,730
- Monthly change: +0.3%
- Annual change: +0.4%
- Average time to find a buyer: 62 days
While the region has managed to record modest growth, it remains a competitive market where buyers have plenty of choice and expect good value.
Across DL7–DL11:
We're continuing to experience one of the most competitive markets we've seen for several years.
Buyer demand is still there, but it simply isn't keeping pace with the amount of stock available. As a result, we're seeing many properties remain on the market for extended periods, with an increasing number of sellers making one, two, or even three price reductions before securing a buyer.
Sales are progressing, but they're taking longer to agree, and once agreed, transactions are often moving through the legal process more slowly than many sellers expect.
Final Thoughts
July's House Price Index confirms what we're seeing every day across our local market.
There are buyers, and there are sales being agreed, but today's market is unforgiving when it comes to pricing. With stock levels remaining high and buyers spoilt for choice, sellers need to be realistic from the outset if they want to stand out.
The market hasn't stopped; it has simply become more selective.
For anyone considering a move in DL7–DL11, our advice remains the same: come to market when you're genuinely ready to sell, price according to today's market rather than yesterday's, and you'll give yourself the strongest chance of achieving a successful move.
If you're thinking of a move in the near future, get in touch with our Sales Team for any advice- 01748 834373