UK home sales prices drop sharply – Rightmove

LONDON, Aug 21 (Reuters) – Britain’s home sales prices fell sharply this month as rising mortgage costs caused sellers to lower their expectations about what they can get for their properties, a news agency showed on Monday. industry survey.

The Rightmove website said median home sales prices fell 1.9%, the biggest monthly drop for August since 2018 and double the usual summer drop.

Britain’s property market, which boomed during the COVID-19 pandemic, has weakened as the Bank of England battles high inflation with a spate of interest rate hikes, although two-year mortgage rates they recently fell from July’s 15-year highs.

Mortgage lenders Nationwide and Halifax previously reported declines in sales prices in July.

Rightmove’s survey also showed that the number of home sales decreased by 15% compared to 2019, before the pandemic.

Sales of homes typically sought by first-time buyers fell by a less-serious 10%, reflecting a 12% increase in rentals for properties in that category over the past year, Rightmove said.

Homes in the market as a whole fell 10% compared to August 2019.

Median home sales prices were 2% below their peak in May but, reflecting increased demand during the pandemic, remained 19% higher than in August 2019, Rightmove said.

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