Market News · 21 July 2026

Rightmove: Asking Prices Fall 1.0% in July as a New Prime Minister and Summer Distractions Cool the Market

By the Silkwood Group team · 2 min read · Updated 22 July 2026

Clark's Pies Shop, Grangetown, Cardiff, Wales, UK. Photo by Dai Lygad, CC BY 2.0

Key takeaways

• Average asking prices fell 1.0% in July 2026, well beyond the 0.2% average July drop of the past decade, taking the typical asking price to about £372,359.
• Market activity was running around 6% below the same point last year, while the supply of homes for sale sat close to a 12-year high for the time of year.
• Rightmove pointed to summer heatwaves, the World Cup and a change of Prime Minister as short-term distractions weighing on buyer demand.
• The portal urged the new government to prioritise housing, including reform of how stamp duty works and support for the 1.5 million homes target.

The UK housing market entered the second half of 2026 on a softer footing, with Rightmove reporting that the average asking price of newly listed homes fell by 1.0% in July. That is a notably steeper decline than the modest dip usually seen at this time of year, and the portal attributed much of the slowdown to a summer of distractions, from unusually hot weather to the football World Cup and a change of Prime Minister. ## A steeper than usual summer dip

New seller asking prices typically ease over the summer, but this year's fall went well beyond the seasonal pattern. Rightmove framed the drop as sellers adjusting their expectations to meet more cautious, price-sensitive buyers.

The monthly decline also marked a continuation of the cooling trend seen through the first half of the year, rather than a one-off.

• July monthly change: asking prices down 1.0%
• Ten-year average July change: a fall of around 0.2%
• Average asking price: about £372,359

This reduction is larger than the average 0.2% July drop seen over the last ten years, bringing the average UK property price to £372,359.
Rightmove House Price Index, via Housing Today, 2026

Why buyers were distracted

Rightmove linked the slower activity to a cluster of short-term factors competing for buyers' attention over the summer months.

The portal's own analysis tracked how successive heatwaves temporarily dented demand before it rebounded, with the change at the top of government adding to the sense of a market in wait-and-see mode.

Supply high, activity subdued

Even with prices under pressure, the number of homes coming to market remained elevated, giving buyers plenty of choice and reinforcing sellers' need to price realistically.

That combination of ample supply and softer demand is the backdrop against which the second half of the year will play out.

A new government, a chance to reset priorities

Rightmove used the moment of political change to press for housing to be pushed back up the agenda, singling out the way stamp duty operates and the drive towards the government's headline housebuilding target.

For investors and developers, the message is that policy signals from the new administration could matter as much as the monthly data in shaping activity into the autumn.

The July figures point to a market that is functional but cautious, with well-priced homes still selling while overpriced stock lingers. Much will depend on whether the new government treats housing as the renewed priority Rightmove is calling for, and on the direction of borrowing costs through the autumn. Silkwood will continue to track the data and the policy signals as the second half of the year unfolds.

Sources

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This article is for general information and education only and does not constitute financial advice. Figures are drawn from the sources listed and were correct at the time of writing.

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