Annual house price growth slows in July - Rightmove
Annual house price growth slowed in July, according to Rightmove, amid a rise in the number of properties coming to the market.
Average asking prices grew 1.4% this month, down from a 1.7% increase last month, as the number of properties coming to market jumped 8.6% compared to the same month last year, with no corresponding rise in buyer numbers "to soak up new seller influx".
On a monthly basis, average asking prices slipped 0.1% versus a 0.4% increase in June.
Rigtmove said estate agents now have the highest amount of stock per agent since September 2015, while the proportion of sellers already on the market that are reducing their asking prices is the highest at this time of year since 2011.
Rightmove director Miles Shipside said: "At this time of year many potential sellers are more focused on erecting sun umbrellas as opposed to ‘For Sale’ signs, and would-be buyers are equally distracted by their summer holidays. So while an increase in seller numbers is a welcome sign of more liquidity in a generally stock-starved market, it has unfortunately come at a quieter time of year.
"Prospective buyers will need tempting with a summer special price or a beautifully finished and presented must-have home, and sellers whose homes tick these boxes then need an estate agent with good marketing skills to promote it effectively."
In London, asking prices fell 0.5% on the month and 1.7% on the year in July, with the annual figures making the largest drop since the 3.5% seen in January. Rightmove said the sector that recorded the largest percentage drop in new seller asking prices is the lower market sector, which is made up of properties with two bedrooms or fewer and where first-time buyers are most active.
Prices in the capital's zone 1 area saw the biggest annual drop at 6.5%, while monthly prices were down 1.2%. In zone 2, asking prices declined 2.6% on an annual basis and 1% on the month.