UK house sellers are trimming asking prices to attract buyers, leading to the busiest July for agreed sales since the post-lockdown market surge of 2020, according to Rightmove.

The average new asking price fell by 1.3% in August — a drop of £4,969 — bringing the average to £368,740. This monthly fall is in line with the 10-year seasonal trend for August, after steeper-than-usual declines in June and July.

Over the course of the summer, average asking prices have dropped by £10,777 as sellers compete harder in a market with greater supply. The number of sales agreed in July was 8% higher than a year earlier, while the total supply of homes for sale was up 10%.

Despite the increased activity, annual price growth remains subdued at just 0.3%, Rightmove reported.

Meanwhile, around 34% of properties currently listed have had their prices reduced — the second-highest proportion for an August since 2012.

Rightmove suggests that sellers willing to adjust their expectations are benefiting from faster sales, while those holding firm on price face stiffer competition in today’s choice-rich market.