The number of properties currently on the market to buy is down 39% on pre-pandemic levels, latest data from Rightmove reveals today.

Despite a lack of instructions new listings are up 12% compared to the same time last year but down 6% compared to 2019. Meanwhile the average price of property coming to market has fallen to £365,173 – down 1.3%.

Tim Bannister, Rightmove’s director of property science, says: “A drop in asking prices is to be expected this month after a frenzied two years and many would-be home movers become distracted by the summer holidays.

“Indeed, for those that can, this may be their first summer holiday abroad since before the pandemic.

Nevertheless… we’ll end year at around 7% annual growth, even with the wider economic uncertainty.”

The Bank of England’s latest rate hike is also putting pressure on buyer affordability with average monthly mortgage payments for new first-time buyers putting down a 10% deposit exceeding £1,000 for the first time – 27% higher than at the start of the year. Together with the rising cost of living many people are reconsidering what they can afford to borrow and repay each month.

Bannister adds: “Right now the data shows that they [interest rates] are not having a significant impact on the number of people wanting to move.”

REGIONAL

Jordan Yorath, partner at Leeds-based Monroe Estate Agents, says: “July was a really strong month for us, and while some might be enjoying a summer break away, we have been busy preparing for the rest of the year.”

And Josephine Ashby, managing partner of John Bray Estate Agents in Rock, North Cornwall, adds: “It feels like we are returning to a more traditional balance, with sensible conversations about choice and value rather than the frenzied bun fight we experienced during the pandemic.”