Average price tag on home falls £10k

THE average price tag on a home has tumbled by more than £10,000 across the summer, falling by nearly £5,000 month-on-month in August alone, according to a property website.

- VICKY SHAW

Across Britain, the average price of a home coming to market fell by 1.3%, or £4,969, month-on-month in August to stand at £368,740, Rightmove said.

August's price drop is in line with the average for this month seen over the past decade, following the bigger-than-usual falls in June and July, the report added.

The average new seller asking price for a home has now fallen by just over £10,000 (£10,777) this summer, the website said. In May, the average price tag on a home was £379,517.

Rightmove said there is a “two-speed market” with savvy summer sellers pricing realistically to attract buyers, while others are pricing properties too high.

Just over a third (34%) of properties for sale are reduced in price, and since 2012 the figure has only been higher at this time of year in 2023, Rightmove said.