UK Asking Prices Fall 1% in July as Iran War and PM Change Weigh
Updated
Updated · Mortgage Professional · Jul 19
UK Asking Prices Fall 1% in July as Iran War and PM Change Weigh
3 articles · Updated · Mortgage Professional · Jul 19
Summary
£372,359 was the average asking price for a newly listed UK home in July, down 1% or £3,832 from June—five times the typical 0.2% July decline.
Rightmove linked the sharper drop to uncertainty around an incoming prime minister, mortgage rates lifted by the Iran conflict, and weaker buyer activity during holidays, the World Cup and repeated heatwaves.
Buyer demand fell 8% in May's heatwave, 6% in June's and 4% in July's, while homes for sale stayed near a 12-year high for this time of year, giving buyers more choice and pressuring sellers.
Sales agreed in the first half of 2026 were 6% below a year earlier but roughly in line with 2024; the average two-year fixed mortgage rate was 4.92%, up from 4.25% in February and down from 5.07% last month.
Rightmove said accurate pricing remains crucial—74% of homes sold this year completed without a price cut—and urged the new government to prioritize stamp duty, market mobility and its 1.5 million homes target.