UK Housing Market Correction Creates Buyer Opportunities Amid Price Declines
UK home prices have dropped nearly £11,000 over the past three months, with August seeing a 1.3% decline to an average asking price of £368,740. Rightmove data reveals the sharpest three-month downturn in years, as more than one-third of listed properties undergo price reductions. The market correction reflects a reversal of last year's stamp duty-driven momentum and waning Optimism about interest rates.
Buyers now wield uncommon leverage, with housing supply up 10% year-over-year to decade-high levels. July marked the busiest month for sales since 2020, with agreed deals 8% higher than 2022 levels. Mortgage rates show modest relief, as two-year fixed products have fallen from 5.17% to approximately 4.5% following competitive adjustments by lenders.
