Sellers hoping to benefit from an autumn market recovery should review their asking prices now as sales agreed run 9% below last year’s level, according to Zoopla.
The portal’s latest House Price Index shows annual price growth slowing from 1.7% a year ago to 1.3%, leaving the average UK home worth £272,800 – an increase of £3,400.
Elevated mortgage rates and political uncertainty have produced a sharper-than-usual summer slowdown, with 76% of local markets recording fewer agreed sales over the past three months.
Buyers also have greater negotiating power, with the number of available homes rising year-on-year in eight of the UK’s 11 regions.
PRICING DRIVES AUTUMN RECOVERY
Zoopla expects activity to recover in September if mortgage rates remain stable, but said the seasonal bounce typically coincided with sellers adjusting prices to match buyers’ budgets.
Almost one-third of homes currently available were listed during the second quarter and remain unsold without a price reduction.
The proportion of properties cutting their asking price by at least 5% has consistently peaked in September during the past three years, alongside a recovery in sales activity.
Richard Donnell, Executive Director at Zoopla, says: “For those with a genuine need to sell, our data shows September is when the market typically turns, and pricing to meet buyers now is what tends to get deals done, rather than waiting to see what autumn brings.”
The North East was the only region to buck the wider sales decline, with agreed transactions increasing by approximately 4% year-on-year.
REGIONAL DIVIDE WIDENS
Average prices increased most strongly in Northern Ireland, rising 5.1% or £9,610, while the North West recorded growth of 3.5%, adding £7,100 to the typical home.
Prices increased by 3.1% in Scotland and the North East but fell by 0.6% in London and 0.4% in the South East. A typical London property lost £3,270 over the year.
Warrington, Hull and Dundee were identified as market hotspots, combining stronger sales with comparatively resilient price growth.
Bath, Oxford and Harrow emerged as the clearest cold spots. Harrow prices fell 0.8%, while Bath recorded no annual growth.
Donnell adds: “Sellers should speak to a local agent who knows what’s actually happening on their own patch, rather than relying on the national picture.”
Zoopla says mortgage-rate movements would remain critical. Average rates eased from almost 5% in April to around 4.65% in June before rising to approximately 4.75% in July.
