Sales have softened, listings have dipped, and net completions are down, but there’s no sign of a crash. The summer lull is here, and the fundamentals are still solid. Realistic pricing and proactive selling remain key.
Listings: Slowing Into the Summer Holidays
32,700 new listings were recorded this week, down from 33,700 last week and below the 2025 weekly average of 36,700. Year-to-date, however, we’re still 3.7% up on 2024 and 7% above the 2017, 2018, 2019 pre-Covid average (1.137m vs 1.096m). Stock is still strong, but sellers are starting to hold back.
Price Reductions: Easing for the Third Week in a Row
21,800 reductions were made, down from 22,700 last week. The monthly rate remains at 14.1%, consistent with July, and still well above the 2024 average of 12.1% and long-term norm of 10.6%. It’s a sign that pricing is improving, or buyers are biting sooner.
Sales Agreed: Slowdown In Line with the Season
25,000 homes went sold subject to contract (SSTC), down from 26,900 last week, and below the weekly average of 26,500. Still, year-to-date, sales agreed are up 7.1% on 2024 and 14.3% ahead of the 2017, 2018, 2019 average (821k vs 767k and 718k). Even in a quieter August, there’s a healthy underlying pipeline.
Sell-Through Rate: Static but Steady
15.4% of homes on the market went SSTC in July, up from 15.3% in June, but still below the 8-year average of 17.9%. This modest increase reflects buyer choice – they’re still engaging, just taking longer to commit.
Fall-Throughs: Down to Their Lowest Level Since Spring
Just 6,027 fall-throughs were reported, the lowest in weeks and below the 2025 weekly average of 6,255. The fall-through rate rose slightly to 24.4% (from 23.6%) but still hovers near the long-term average of 24.2%. It’s manageable, especially compared to the post-Truss chaos.
Net Sales: Sharp Weekly Drop
Net sales dropped to 19,000 from 20,600, the biggest weekly dip since early summer. That said, the year-to-date total remains strong: 608,000 net sales, which is 5.8% above 2024 and 10.6% ahead of the pre-Covid norm.
% Of Homes Selling: Down from Spring Peaks
July data shows 51.2% of homes that left the market completed their sale, a small drop from 51.3% in June and 53.2% in April. Nearly half of listings still expire unsold, which makes pricing and presentation more important than ever.
Stock and Pipeline: Both Up Year-On-Year
There were 763,000 homes on the market as of 1 August, 6.7% more than this time last year. The sales pipeline is up too, with 512,000 homes SSTC, a 4% year-on-year increase. Supply is there, and deals are being done, but progress is slower.
House Prices: Steady at a Slightly Lower Level
Sales agreed in July averaged £344.78 per sq ft, down slightly from June, but still 1.97% higher than July 2024 and 3.85% ahead of July 2022. This soft but stable pricing points to a balanced market – not boom, not bust.
Rental Market: Flat but High
Average July rents hit £1,876 pcm, barely changed from £1,863 last year. Year to date, rents have averaged £1,767. Pressure remains high, especially in university cities and urban centres.
In Summary
Listings and sales have dipped, but the market is behaving exactly as you’d expect for August. Price cuts are falling, fall-throughs are down, and year-on-year growth remains consistent. Buyers are still out there, they’re just taking their time.
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