More homes changed hands last month than in any July since the post-lockdown boom of 2020, as sellers trimmed prices to tempt cautious buyers, according to property website Rightmove.
The number of agreed sales was 8% higher than a year ago, helped by a rise in the supply of homes for sale and sharper pricing from vendors.
Asking prices for newly listed properties fell 1.3% in August to an average of £368,740, in line with seasonal patterns but following steeper than usual drops in June and July.
Rightmove said the average home on its site had shed more than £10,000 in asking value over the summer, with about one in three sellers cutting prices during the marketing process.
The company described it as a “two-speed” market: competitively priced properties are finding buyers within 32 days on average, compared with 99 days for homes that require a price cut.
Mortgage costs have also eased, with the average two-year fixed rate at 4.49% compared with 5.17% a year ago.
That reflects three Bank of England rate cuts this year, though the narrow margin in the most recent vote has left uncertainty about whether another reduction will follow before year-end.
Tim Bannister, Rightmove’s property expert, said: “Astute buyers are now benefitting from asking prices which are on average an enticing £10,000 cheaper than three months ago. The strategy is working, with July sales the highest since 2020.”