The price fall was bigger than usual for July, with the distractions of the General Election, sporting events and holidays, Rightmove said.
The average price tag on a home has dipped by more than usual for the month of July, according to a property website.
Tim Bannister, director of property science at Rightmove said: “Three major uncertainties hanging over the property market at the start of the year were when the first interest rate cut would be, and the timing and the result of the General Election. “One area of the market in need of more support is first-time buyers, many of whom have been stretched to the limit by high mortgage rates, with some also facing higher stamp duty fees when the current thresholds are set to revert in March 2025.”
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