Rightmove has just reported the largest fall in asking prices for a July in 20 years. It's a headline that naturally catches the eye and may leave some wondering what this means for the local market.

But beneath the headline figure lies a more measured and, in many respects, reassuring picture particularly here in York.

The Numbers in Context

Rightmove's data shows that the national average asking price fell by 1.2 per cent this month, which equates to  £4,531. While it is unusual for July, a month that typically sees increased market activity, it’s important to remember that:

• Asking prices are still more than 2 per cent higher than they were at this time last year
• Buyer demand remains well above 2019 levels
• In York, competitively priced homes continue to attract strong interest and offers

This is not a housing crash. It is a gentle correction in line with current conditions.

What’s Behind the Drop?

There are a couple of key reasons for the national slowdown:

1. Mortgage Rate Uncertainty
   Recent fluctuations in interest rates have made some buyers more cautious, and sellers more open to negotiation.
2. Seasonal and Economic Factors
   July is often a quieter month for property, and this year it has coincided with a broader sense of economic caution, driven by inflation and the cost of borrowing.

The Situation in York

Here at Hudson Moody, we’ve seen a strong second quarter. However, we are advising clients to remain realistic on pricing.

• Pricing accurately is essential. Overpriced properties are seeing little interest, while well-positioned homes continue to perform.
• Presentation makes a real difference. Homes that are well staged and marketed professionally are attracting good levels of viewings.
• Serious buyers are still very much active, especially for family homes and properties in central or well-connected locations.

Our Advice for Sellers

If you’re considering selling, don’t be disheartened by national headlines. Instead:

• Seek an accurate, locally informed valuation
• Focus on presentation, professional photography and making the right first impression
• Choose an agent who is experienced, honest and strategic

In Summary

The small drop in average asking prices this July reflects a more cautious market, not a failing one. In York, we are still seeing positive outcomes for sellers who price correctly and present their homes well.

If you would like an honest appraisal of your property’s value and advice on how best to proceed, we would be pleased to help.