Rightmove has downgraded its 2026 house price forecast, after new figures showed the average asking price of newly listed homes fell 2.0% in a single month. As your local estate agent, here is what this means for buyers and sellers right now.
Prices typically ease slightly each August, but this year’s 2.0% fall is well above the ten year average of 1.3% and the steepest since 2018. Rightmove puts this down to a 12 year high in the number of homes for sale, combined with a quieter than usual summer market, which has pushed sellers to price more competitively from the outset.
The average asking price is now 1.0% lower than this time last year, the largest annual fall since December 2023. Rightmove has moved away from its earlier prediction of a 2% rise for 2026, and now expects prices to range between flat and a 2% fall for the year as a whole.
There is a modest silver lining. Buyer demand has risen 5% since Andy Burnham became Prime Minister on 20 July, helped by his decision to rule out property tax changes in October’s Budget. It is worth noting that overall buying activity still sits around 10% below last year’s level, so this is an improving picture rather than a strong one. Rightmove property expert Colleen Babcock says sellers who price realistically continue to give themselves the strongest chance of finding a buyer and completing a move.
At Drivers & Norris, we track shifts like these closely so our valuations always reflect the true state of the market, not where prices stood a few months ago. If you are thinking of buying or selling and want an accurate read on current conditions, get in touch with the team.
Source: Estate Agent Today
— Drivers & Norris