Economic Buzz: UK house prices fall 1.3% in August

UK house prices dropped moderately in August following the bigger-than-usual falls in June and July, property website Rightmove said Monday.

The average price of property prices coming to the market slid 1.3 percent month-on-month in August, which was in line with the ten-year average.

Rightmove said lower asking prices together with good buyer choice are continuing to underpin sales activity, resulting in the best July for sales agreed since 2020's active post-lockdown market.

The third interest rate cut of the Bank of England helps buyer optimism and affordability further, Rightmove said.

Nonetheless, the closer than expected vote at the monetary policy committee in August has cast some uncertainty over a fourth cut before the end of the year.

At the August meeting, the committee voted 5-4 to lower the bank rate by 25 basis points to 4.00 percent.

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