UK home asking prices see largest August drop in eight years.

According to data from the real estate website Rightmove on Monday, although the activity in the housing market has seen a slight rebound, the asking prices for newly listed homes in the UK have still recorded the largest drop for August since 2018. In the four weeks ending August 8, the average asking price of homes fell by 2.0%, a decrease greater than the ten-year average decline of 1.3%. The summer market has cooled down, with the number of properties available for sale reaching a 12-year high, putting pressure on house prices. The year-on-year asking prices for homes fell by 1.0%, marking the largest year-on-year decline since December 2023.