Estates agents across the UK are reporting momentum within the housing market as the recent base rate cut and more realistic pricing by vendors have spurred on more people to move home, Rightmove reports.

The portal’s monthly market report reveals a busier-than-normal July and an unseasonally brisk August so far for the property sales All Postsmarket.

It also reports that the number of sales being agreed is now 8% ahead of this time last year as serious buyers and sellers lock in deals, while the number of homes for sale is now 10% up on this time last year.

But those who over-priced a few months ago are now paying the price. Rightmove says 34% of properties for sale are reduced in price, the highest level since 2023 and before that, 2012.

Also, the overall average time to find a buyer is now 62 days, however, it takes an average of 32 days to find a buyer if a property doesn’t need a price reduction, versus 99 days if it does.

“Savvy summer sellers have read the room and are coming to market with even more competitive pricing than usual to really stand out and attract serious and active buyers,” says its property experts Colleen Babcock.

“Astute buyers are now benefitting from new seller asking prices which are on average an enticing £10,000 cheaper than three months ago.”

Momentum

Steve Beercock, Executive Director at Beercocks in Yorkshire & The Humber, reports: “August has started with some real momentum. We have already seen a surge of sales agreed in just the first week which is a very positive sign.

“Getting the price right from the outset in the current market is crucial, to minimise the risk of needing to cut the price later.

“Locally, we have seen particular strength in the mid to high-end market, with healthy levels of activity also coming from buy-to-let investors.

“Stamp duty thresholds are not having a major effect at the moment. We saw the expected spike before and immediately after the most recent change, but things have now settled.

“Looking ahead, I expect September to be very strong. The recent drop in the Bank of England base rate is already stimulating activity.”