Rightmove is still banking on seasonal boost in the housing market, after its figures showing sales agreed falling in August.

The portal reported this morning that sales agreed were down 1.6% during August, following a drop 0.8% recorded in July.

However, a Rightmove spokesperson told EYE that on a year-to-date basis, the number of sales agreed has recovered from being 5.4% down in May to 3.2% down this month on an annual basis.

The latest report shows a 16% jump in new listings in the first week of September compared with the preceding three weeks.

The report also shows that time on the market has crept back up from 57 to 60 days between July and August, while average stock per agent fell from 53 to 52.

The average price of properties coming to market increased 1.2% annually this month to £304,061, a 0.7% monthly increase, which Rightmove said is in line with previous years.

This compares with a 2.3% monthly drop and 1.1% annual rise in asking prices recorded in August.

Rightmove suggests there is momentum in the markets of Wales, the midlands and Yorkshire & the Humber where affordability is better and average annual asking prices were up at least 4%.

The portal also noted a 6% annual increase in sales agreed of homes in London worth more than £750,000 as a sign of life in the upper end of the capital.

Miles Shipside, Rightmove director and housing market analyst, said: “Buyer affordability has been increasingly stretched by seven years of national average property price rises outstripping buyers’ average wage inflation.

“However in London, after asking prices rose by over 50% between 2011 and their peak in 2016, there have been two years of subsequent price falls in parts of the capital.

“Now there are signs that these price reductions in parts of London have led to an upturn in buyer activity as sentiment improves.

“The start of the ‘back to school’ season sees a surge of sellers coming to market compared to the preceding quieter holiday period.

“Sellers aren’t hanging back in coming forward to try and sell, and with average new asking prices just 1.2% higher than a year ago, many seem to be pricing sensibly.”