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UK house prices fall, oil prices rise
Archived — this story has rotated out of today’s deck. It is kept here in full.
The gist
UK house asking prices fell 2% in August to £364,999, the biggest drop since 2018. Oil price rises and higher mortgage rates are cooling the market.
Background
The UK housing market is experiencing a slowdown as mortgage rates have risen, cooling demand. Rightmove's data shows a larger-than-usual August price drop, with sellers pricing competitively. Geopolitical uncertainty and the upcoming October Budget add to the unpredictability.
How it unfolded
- Jul 12, 2026Rightmove survey period begins for properties put up for sale.
- Jul 20, 2026Andy Burnham becomes prime minister, leading to a modest pickup in buyer demand.
- Aug 8, 2026Survey period ends; asking prices fell 2.0% in four weeks to this date.
- Aug 16, 2026Rightmove reports the biggest August fall since 2018, with prices 1.0% lower than a year earlier.
Who’s saying what
- Official
- Rightmove's Colleen Babcock says sellers are pricing competitively to attract buyers in a market with wide choice.
- Analysts
- Carl Weinberg of High Frequency Economics notes that low inventories and high mortgage rates are preventing sales.