The average price of new property coming to the market has registered a seasonal drop of 1.5% this month, according to the latest Rightmove House Price Index.

New seller asking prices have fallen by £5,708 to £367,785 in August, although according to the property portal’s figures, new seller asking prices have fallen in the month of August for the past 18 years, with the size of this month’s drop remaining in line with the long-term average.

The Bank of England’s decision to cut its base rate still led to an immediate upturn in buyer activity, Rightmove said, helping to accelerate mortgage rate drops while contributing significantly to improved buyer demand.

Following the first BoE rate cut for four years at the start of the month, the number of potential buyers contacting estate agents about homes for sale jumped from 11% up on the prior year across the month of July, to 19% up since 1 August compared to the same time in 2023.

Rightmove suggested these better conditions are helping to set up a “positive autumn market”, and a further spur to activity following the base rate cut has led Rightmove to raise its 2024 forecast from a 1% drop over the whole of 2024 to a 1% rise in new seller asking prices.

“As the summer holiday season comes to an end, the conditions are there for a more active autumn market,” said director of property science at Rightmove, Tim Bannister.

“The reaction from home movers to what is hopefully only the first of several rate cuts over the next year or two, combined with other positive data and trends, has led us to raise our price prediction for the year.

“We now expect new seller prices to rise marginally by 1% over the whole of 2024. This is a relatively small revision from our original prediction of a 1% fall in prices over the year, since we didn’t initially forecast anything more drastic than a slight drop in prices this year.”

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