In July, the average price of homes for sale dropped by 1.2%, the largest monthly decrease in over 20 years, following temporary cuts to stamp duty and increases in council tax on second homes. The new average asking price is £373,709. The number of properties available for sale reached a decade high, influencing price dynamics as sellers must attract more attention from discerning buyers. Price drops were most pronounced in London, where the impact of stamp duty adjustments has been greater due to higher property prices. Nevertheless, the number of sales continues to grow year on year.
The average price of homes coming up for sale dropped by 1.2% in July compared to June, marking the largest monthly price drop recorded since 2002.
The highest number of falls in asking prices occurred in London, where prices dropped by 1.5% in July compared to the previous month.
The decade-high level of buyer choice means discerning buyers can quickly spot when a home is overpriced compared to available options.
Despite monthly price drops, the number of property sales continues to grow year on year, indicating a resilient housing market.
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