See more This is Money on Google - save us as a Preferred SourceBy ED MAGNUS, SENIOR THIS IS MONEY REPORTER Updated: 07:50 BST, 20 July 2026
Sellers who are overly ambitious with their initial asking price will have to wait more than four months to find a buyer, Rightmove has warned.As the property portal revealed the typical asking price of a newly-listed home fell by £3,832 over the past month, it said that a competitive initial asking price is critical to a successful sale in the current market, rather than relying on a later price reduction.Its analysis of all homes sold so far in 2026 shows that nearly three-quarters sold without needing price reduction.However, homes that do require an asking price reduction spend an average of 127 days on the market, compared with just 36 days for those that sell without a reduction. Chris Thomas, managing director at Wiglesworth & Co. estate agents in Leamington Spa in Warwickshire says there are some clear rules that sellers need to follow to successfully find a buyer. 'Firstly, accuracy of pricing is everything and getting the price right the first time gives sellers the best chance,' says Thomas.'Secondly, sellers need to choose an agent who knows the local area and market extremely well and has a proven strong track record of giving honest and professional advice.' Back to reality: The average asking price of newly-listed homes for sale fell by 1 per cent (-£3,832) this month to £372,359Rightmove's warning comes at a time when property asking prices have seen another major drop in July.The typical asking price of a newly-listed home fell 1 per cent between June and July, according to Rightmove.This follows on from a £2,113 or 0.6 per cent fall in the previous month - which also represented the biggest June drop in 14 years.It means the average newly listed home is now £372,359, down from a record high of £379,517 last May.The latest monthly drop is substantially larger than the average July drop over the last ten years of 0.2 per cent.One of the major reasons sellers are having to be more realistic with their asking price is due to the glut of properties that remain on the market.While the number of available homes for sale is 1 per cent below July last year, it's still very close to a 12-year high for this time of year. 'This month's larger-than-normal price fall reflects the reality of a market where buyers have plenty of choice and sellers are having to work harder to stand out and attract them,' said Colleen Babcock, property expert at Rightmove.'They’re also competing with an unusual number of distractions which have been keeping the minds of some potential buyers occupied, namely the World Cup and the hot weather.'While these diversions are short-term, they’re adding to what is already a distracting summer holiday period to create a challenging selling environment.'The challenging sales environment is not being helped either by a change in direction for mortgage rates.Last week, Nationwide, NatWest, Barclays and Virgin Money all increased the cost of their mortgages as the renewed conflict in the Middle East raises fears of higher interest rates. 'Mortgage rates are higher than many buyers would have hoped for at the start of the year, and the increases due to the war in Iran have understandably dented confidence for some.' said Matt Smith, Rightmove's mortgage expert. 'There is still uncertainty in the market. If the outlook shifted and we saw reductions in mortgage rates, it would be a welcome boost to confidence and affordability.'Best mortgage rates and how to find them Mortgage rates have shot up again due to inflation triggered by the conflict with Iran reversing hopes that the Bank of England would cut rates. This means those remortgaging or buying a home face higher costs.That makes it even more important to search out the best possible rate for you and get good mortgage advice, whether you are a first-time buyer, home owner or buy-to-let landlord.This is Money's partner L&C can help you with its fee-free mortgage service.> Compare mortgage rates> Find the right mortgage for you To help our readers find the best mortgage, This is Money has partnered with the UK's leading fee-free broker L&C.This is Money and L&C's mortgage calculator can let you compare deals to see which ones suit your home's value and level of deposit.You can compare fixed rate lengths, from two-year fixes, to five-year fixes and ten-year fixes.If you’re ready to find your next mortgage, why not use This is Money and L&C’s online Mortgage Finder. It will search 1,000’s of deals from more than 90 different lenders to discover the best deal for you.> Find your best mortgage deal with This is Money and L&C Mortgage service provided by London & Country Mortgages (L&C), which is authorised and regulated by the Financial Conduct Authority (registered number: 143002). The FCA does not regulate most Buy to Let mortgages. Your home or property may be repossessed if you do not keep up repayments on your mortgage.
