We’re deep into the summer slowdown, but performance is holding up. Listings are dipping, reductions are easing, and fall-throughs have reached their lowest level all year. There’s still plenty of life in the market, especially for those who stay realistic.
Listings: Typical August Drop
32,200 homes were listed this week, down from 32,700 last week and well below the 2025 average of 36,600. Year-to-date, though, listings remain 3.5% higher than 2024 and 7% above the 2017, 2019, 2019 average (1.17m vs 1.13m). Supply is strong, it’s just quieter for now.
Price Reductions: Holiday Effect in Action
There were 20,600 price reductions, a notable fall from 21,800 last week. That keeps the market-wide reduction rate at 14.1%, still well above 2024’s 12.1% average and the 5-year norm of 10.6%. As holiday distractions take hold, sellers are being more patient, for now.
Sales Agreed: Steady at Summer Pace
25,000 homes were sold subject to contract (SSTC) this week, unchanged from last week and a touch under the 2025 weekly average of 26,500. Year-to-date, agreed sales are up 6.9% on 2024 and 14.2% above the pre-Covid benchmark (846k vs 792k and 741k). That’s solid progress given the time of year.
Sell-Through Rate: Holding Firm
15.4% of homes went SSTC in July, a fractional increase from 15.3% in June. This matches the 2024 monthly average but remains below the long-term average of 17.9%. It’s consistent, but sellers can’t afford complacency.
Fall-Throughs: Lowest Rate All Year
Just 5,817 fall-throughs were recorded, the lowest number since January. That’s just 23.2% of gross sales, well below the long-term average of 24.2% and far from the 40%+ seen during the post-Truss period. A sign of stronger buyer commitment and better-managed chains.
Net Sales: Slight Bounce Back
Net sales reached 19,300, up from 19,000 last week, and just under the 2025 weekly average of 20,200. The year-to-date figure now sits at 647,000, 5.7% above 2024 and 10.6% ahead of the 2017, 2018, 2019 norm (611k and 584k). Momentum might be softening, but it hasn’t stopped.
% Of Homes Selling: Now Under 51%
Only 50.9% of homes that left estate agents’ books in July went all the way to completion. That’s a small dip from June (51.3%) and part of a trend from April’s high of 53.2%. It’s a clear message to sellers: the chance of selling is 50/50.
Stock and Pipeline: Remains Healthy
As of 1st August, 763,000 homes were on the market, 6.7% higher than the same point in 2024. Sales pipelines were also up at 512,000, a 4% year-on-year rise. Buyers have more choice, but that also means more competition for every listing.
House Prices: Unchanged, Still Stable
Sales agreed in July averaged £344.78 per sq ft, 1.97% higher than July 2024 and 3.85% up on July 2022. Prices are softening slightly from early summer peaks but remain stable overall, a good sign in a more cautious market.
Rental Market: No Surprises
Average rent in July hit £1,876 pcm, a small rise from £1,863 in July 2024. The year-to-date average now sits at £1,767. Demand remains strong and supply limited, especially in student towns gearing up for term-time pressure.
In Summary
It’s a textbook August. Fewer listings, fewer reductions, fewer sales, but under the surface, the market’s holding steady. Fall-throughs are down, net sales are up, and prices remain stable. For agents and sellers willing to stay sharp, there’s still plenty to gain before the autumn rush begins.
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