Rightmove says the average asking price for homes coming to market in Britain dropped 1.3% in August, to £368,740 (€424,051). The monthly fall was £4,969 (€5,714). Overall this summer has seen the average new seller asking price fall by £10,777 (€12,393), compared with May when the figure stood at £379,517 (€436,446).

Rightmove noted a two-speed market, with some sellers pricing realistically to attract buyers while others set higher asking prices. Around 34% of properties for sale have been reduced. The average time to secure a buyer is 62 days, rising to 99 days if a price reduction is needed, versus 32 days for properties not requiring a reduction. Sales agreed are about 8% higher than this time last year, and the stock of homes for sale is up around 10% on a year ago.

Colleen Babcock, a Rightmove property expert, said: “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.” The Bank of England’s base rate cut is expected to bolster confidence in the months ahead, while lenders have moved to align rates with market conditions. Local estate agents report strength in the higher end of the market and an improving picture for first-time buyers in some areas, though well-priced homes may still sit unsold in places.