House prices drop in the United Kingdom
Amidst an environment of rising interest rates affecting buyers' purchasing power, real estate sellers in the United Kingdom have undertaken the highest level of price reductions for homes seen since December.
- Economy
- Agencies and A News
- Published Date: 09:33 | 21 August 2023
- Modified Date: 09:41 | 21 August 2023
According to data compiled by Rightmove, the average asking price for homes in the United Kingdom has declined by 1.9% this month to reach £364,895 GBP. This marks the largest decrease seen in August since 2018.
Mike Cole, the Managing Director of Imagine Property Group, stated, "The market is tough for many right now after a few buoyant years. Sellers need to be realistic about current market conditions."
Asking prices for homes are currently nearly £2,800 below the peak seen in May. However, compared to August 2019, prices are still up by 19%.