Rightmove’s latest House Price Index has revealed a 1.2% drop in average UK asking prices this July—the biggest July decline in over 20 years. But what does that really mean for the property market here in North Wales?

National Picture: Asking Prices Fall, But Demand Stays Strong

• The average UK asking price now stands at £373,709, down £4,531 from last month.
• This dip is largely due to a record number of properties coming onto the market, increasing competition among sellers.
• However, buyer demand is still growing, with sales agreed up 5% year-on-year and buyer enquiries up 6% across the UK.

What We’re Seeing in North Wales

Here in North Wales, while we’re not seeing price drops as sharp as those in London or the South East, there is a shift toward realistic pricing.

• Properties that are priced right from the start are generating viewings and offers quickly.
• Homes with inflated asking prices are tending to sit on the market longer, often needing reductions before they sell.
• Buyers are becoming more price-savvy, but they’re still active—especially with mortgage rates improving.

Mortgage Rates: A Boost for Affordability

One of the biggest positives is that mortgage rates have been falling:

• The average 2-year fixed rate is now 4.53%, down from 5.34% a year ago.
• Combined with wage growth and stabilising inflation, this is helping more people afford to move.
• If interest rates continue to ease—as many expect—we could see even more buyers enter the market later this year.

Regional Resilience: North Wales Outlook

While the national figures can sound dramatic, property markets are highly local. In North Wales:

• Family homes in popular towns and coastal villages remain in high demand.
• First-time buyer properties and well-presented rentals are also moving quickly.
• We’re still seeing healthy interest from out-of-area buyers looking to relocate but the second/holiday home market is very subdued.
• Properties with ancillary accommodation, such as an annexe or holiday cottages, are seeing little interest.

Our Advice for Sellers

• Price realistically: Don’t chase the market—get the price right from day one to attract motivated buyers.
• Presentation matters: Clean, declutter, and ensure your home stands out online.
• Be ready to move: Buyers are more cautious, so flexibility and a proactive approach can make all the difference.

Our Advice for Buyers

• There’s more choice now, but the best properties are still going quickly.
• If you’re mortgage-ready, you’re in a strong position to negotiate.
• Use the quieter summer period to view, research, and make your move before the autumn market picks up.

Looking Ahead
Rightmove has adjusted its forecast for 2025 asking price growth from +4% to +2%, acknowledging that higher supply is keeping prices steady. But here in North Wales, the market remains balanced and active—especially when homes are priced sensibly.

Need Advice?
If you’re thinking about moving, letting, or buying in North Wales, we’re here to help with local knowledge and expert support. Whether you want a free property valuation, help preparing your home for sale, or just a chat about the market—get in touch today. We have offices in Caernarfon & Bangor covering Gwynedd, Llangefni covering Anglesey, and Colwyn Bay & Llandudno covering Conwy.