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UK house prices drop by over £5,700 in August amid Bank of England rate cut
Posted on August 26, 2024 |
UK new home asking prices fell by 1.5% in August, down £5,708 to an average of £367,785.
This price drop is a seasonal trend seen every August for the past 18 years, as sellers often delay moves during the holiday season.
Sellers listing homes during this quiet period may need to sell quickly, leading to lower pricing.
The Bank of England cut its base interest rate from 5.25% to 5% in early August, the first cut since 2020.
Lenders adjust their mortgage, loan, and savings rates based on the Bank of England’s rate changes.
Following the rate cut, estate agents saw a 19% increase in buyer inquiries compared to the same time last year.