^{Here is the latest property news from our partners at Rightmove.}

Mass-market prices hit new record as upper end cools

• New record highs in price of property coming to market in the mass-market sectors, made up of first-time buyer properties, up by £1,328 (+0.6%) in the month, and second-stepper properties, up by £975 (+0.3%) in the month

• Cooling of the upper-end four-bedroom-plus sector, down by £4,699 (-0.8%) in the month, with buyers no longer making larger stamp duty savings
• Overall result is that the national average falls £1,076 (-0.3%) this month, the first price drop recorded in 2021
• Buyer demand remains strong, suggesting an Autumn bounce in prices and seller activity:
• Demand stats for the first week in August are up 56% on the same period in 2019, and down just 17% on frenzied post-lockdown 2020
• With homes selling faster than ever, there’s a strong incentive for owners to come to market with “sell before you buy” proving the best tactic for many to secure their next home in this fast-moving market

House Price Index – Country, region and city summary

House Price Index – Country, region and city summary

Summary

• Summer holiday distractions normally lead to an August slowdown in activity and lessening of price pressure, and although we have seen the first overall monthly fall in the average price of property coming to market so far in 2021, this is predominantly due to a cooling at the higher end of the market.
• The average price of property coming to market falls by 0.3% (-£1,076) this month, driven by a 0.8% drop in the upper-end typically four-bedroom-plus sector. In contrast there are new record price highs in the mass-market sectors made up of two bedroom and fewer first-time-buyer-type properties, up by £1,328 (+0.6%) and three to four bedroom second-stepper-type properties, up by £975 (+0.3%), where activity remains very strong.
• These lower-priced sectors are much less affected by the withdrawal of most stamp duty incentives and may have housing higher up their summer agenda than usual as more are holidaying closer to home. 
• Rightmove predicts that there will be an autumn bounce in both seller activity and prices. In the first week of August, individual buyer enquiries to agents are up by 56% on the same period in the pre-Covid year of 2019, and down by just 17% on the frenzied post-lockdown 2020 numbers.
• This snapshot also shows that the number of sales agreed is up by 9% on the same period in 2019.
• Available stocks for sale still at record lows, with buyer demand hoovering up new supply leading to more properties selling, and selling more quickly.
• These market conditions mean that home-owners who have yet to come to market and address their new housing needs should act soon to get a better chance of a quick sale at a good price and be in their new home before Christmas.
• Rightmove’s analysis shows that the likelihood of sellers finding a buyer remains at, or close to, an all-time high.
• The average time for a newly listed property to be marked sold subject to contract is the quickest ever at 36 days, which is a whole month faster than in February 2020, which was the last month before the first lockdown. However, given the fierce competition to buy property even these impressive statistics leave a high risk of losing out to another buyer who is in a better position to proceed. As a result many sellers are choosing to have a buyer lined up subject to contract before entering the race to secure their own purchase. “Selling before you buy” puts them in the best position to be at the front of the queue to buy suitable properties as soon as they come to market.

• With online stock being at all time low and prices at at a high there is no better time to sell your property. You can upload and market your property in minutes to millions with I Am The Agent your online estate agent, marketing property for over 12 years.