Published: 23/07/2026 By Alex Maile
Between the heatwave and the World Cup, you may well have spent more time checking the sports and weather pages than the property ones this month, especially since, unlike the weather, the property market can cool off a bit in July.And this year, the summer slowdown has come a little earlier than usual.
The market remains remarkably resilient. Both Nationwide and Lloyds reported house price growth during June, with buyers continuing to move despite the political uncertainty and higher mortgage rates.
There are signs, however, that the recommencement of hostilities in the Gulf has made some buyers more cautious, and Rightmove has reported a fall in asking prices during June. There is also the added uncertainty of what a new Prime Minister might do.
At the same time, more homes are coming onto the market, which is good for buyers as it gives them more choice but makes it increasingly important for sellers to get their asking price right from the outset. In these kinds of markets, anything that is overpriced will quickly go stale.
The current uncertainty, though, won’t last forever and, when it ends, the market will breathe a collective sigh of relief. By the time you read this, Andy Burnham will already have been officially installed in Number 10 and, sooner or later, Iran and the US will have to come back to the negotiating table.
The rental market, on the other hand, is less affected by events in the Gulf, and summer is traditionally one of its busiest periods. Rent rises may have started to slow in many other parts of the country, but demand and rents in the capital remain strong.
According to Zoopla, it is the only region in the country where rental demand is still increasing, as higher mortgage rates make it harder for first-time buyers to get onto the property ladder. It means that average rents in the capital have now climbed above £2,200 a month.
Right, that's all from me for now. Enjoy the sunshine, and I'll be back next month with another look at what's happening in the property market.
Alex Maile