UK Home Prices Drop £11,000 in 3 Months Amid Buyer Surge

- UK home prices see £11,000 decline in 3 months, steepest drop in years. - Increased housing supply and lower mortgage rates shift market in favor of buyers. On August 18, 2025, Cryptopolitan reported a significant decline in UK home prices. Over the last 3 months, average asking prices fell by £11,000. A 1.3% drop in August brought average asking prices down to £368,740, marking the most substantial 3-month decrease in years. Several factors are driving this decline. Increased housing supply and lower mortgage rates have bolstered the buyer's advantage in the market. The number of homes for sale has risen by nearly 10% compared to a year ago, reaching its highest level in almost a decade. Meanwhile, the Bank of England cut rates 3 times this year. As a result, average 2-year fixed mortgage rates decreased from around 5.17% earlier in 2025 to 4.5%. Sellers are adjusting their strategies to compete in this shifting landscape. Sellers have reduced prices on more than a third of currently listed properties since their initial postings. Properties priced competitively from the outset sell faster, averaging 79 days on the market compared to 99 days for homes requiring price adjustments. Despite falling asking prices, agreed-upon sales increased by 8% in July compared to last year, making it the busiest month for sales since the post-pandemic boom in 2020. Looking ahead, Rightmove revised its 2025 forecast for UK house price growth, reducing its prediction from 4% to 2%. This adjustment reflects the high housing supply, cautious buyer sentiment, and limited relief in mortgage costs. Industry experts, including Rightmove property spokesperson Colleen Babcock, suggest these favorable conditions give buyers greater power in the market.