London Asking Prices Drop 1.6 Percent As Rightmove Shows Buyers More Choice

The UK's latest local property signal is London weakness in Rightmove's July asking-price data, where buyers had more choice and sellers faced sharper competition.

The National Drop Was Larger Than Usual

Rightmove reported a 1.0 percent monthly fall in the national average asking price in July to GBP 372,359, a bigger decline than the typical July dip. Homes for sale remained close to a 12-year high.

London Fell More

London's average asking price fell 1.6 percent month on month and 1.2 percent year on year, while the South East also weakened. By contrast, the North West, Yorkshire and the Humber, and Wales posted small monthly gains.

Mortgage Affordability Controls Demand

Buyers are still judging offers against mortgage payments and repair costs. A lower asking price does not necessarily restore affordability when rates remain elevated and household budgets are tight.

What Buyers Should Check

London buyers should compare reductions, time on market, nearby sold prices, lease length, service charges and rent evidence. A seller who has already reduced may still have room if stock is plentiful.

Why Asking Prices Need Sold Evidence

In a market with more choice, asking-price reductions are only the first signal. Buyers should check Land Registry completions, survey findings and mortgage affordability before deciding whether the new price is truly competitive.

Outlook

The autumn market will show whether price cuts bring transactions back. For now, London sellers need local evidence and realistic pricing more than national optimism.

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