August was tough for many estate agents and sellers, with Nationwide’s month-end summary, except for the change of the name of the month, sharing the same title as their July summary: “House price growth remained subdued in August”. The headline figure was that UK annual house price growth changed little at 1.6%, compared with 1.4% in July.Â
This 0.2% increase was enough to see several agents and property commentators declare “Buyer demand bounces back”, although most added the caveat that “pricing remains crucial”
According to Rightmove, the average asking price of a newly listed property fell by 2.0% – the largest August fall since 2018 and 1.0% below this time last year. Asking prices typically fall at this point in the year, although this 2.0% drop was notably more than the ten-year average August drop, which is a more modest 1.3%.Â
But August’s property market figures were not just a story about falling prices. The good news is that Buyer demand increased by 5%, which was warmly received by many in the industry, while the amount of property available for sale remains at its highest level for this time of year in 12 years. Therefore, the underlying message is that Buyers are returning, but they have considerably more choice.
Are Sellers Finally Adjusting Their Expectations?
For much of 2026, many sellers have suffered from “anchoring bias” – pricing their homes based on past market peaks rather than current economic realities. That now appears to be changing.
What’s Causing the Property Market Slowdown?
The key factors causing this slowdown:
• Higher borrowing costs: The average fixed mortgage rates remain elevated (hovering around 5.4% to 5.6%), sharply reducing buyer purchasing power compared to previous years.
• Global tensions: Geopolitical uncertainty continues to affect household and investor confidence.
• Ongoing economic sluggishness: Wider economic pressures mean central banks must continue to tread carefully when considering interest rates.
• Affordability squeeze: Buyers face tighter household budgets and increased costs, making them more cautious and selective.
• High supply: With more properties available, buyers have considerably more choice, creating an increasingly competitive market for sellers.
Property Auctions Continue to Attract Buyers
This slowdown has resulted in frustration for many sellers – but it has also contributed to a boom in auction traffic, with investor appetite remaining particularly robust for income-producing assets, while owner-occupiers continue to seek refurbishment projects and properties with potential in sought-after locations.
Indeed, our August 2026 property auction was our largest August auction to date, attracting strong interest across a diverse range of properties and land.
On auction day, including sales immediately afterwards, we achieved an 89% success rate and raised more than £6 million for our clients. Following several successful post-auction sales, the percentage of lots sold subsequently increased to an impressive 92%.
It’s another demonstration that, even when the traditional property market becomes more challenging, auction can provide sellers with access to motivated buyers actively searching for opportunities.
A New Home for Robinson & Hall Auctions
Our August auction also marked the end of an era. It was our final sale at the Delta Marriott Hotel, a venue that has been home to our property auctions for the past 14 years.
While we’re sad to say goodbye, we’re equally excited about what’s next.
Our next auction takes place on 14th October 2026, when we’ll welcome buyers, sellers, agents and interested onlookers to our new auction venue – Woughton House Hotel, Woughton-on-the-Green, Milton Keynes.
And the good news? It’s just two miles from our previous venue.
If you’re considering selling a property or parcel of land, particularly if it has struggled to sell through traditional estate agency, auction could provide an alternative route to market.
Contact the Robinson & Hall Auctions team today for a free, no-obligation auction appraisal and discover whether your property could be suitable for our next auction.
