Sorry to cast a shadow at a time when many will be looking forward to a well-earned summer holiday – but the latest news on house prices isn't going to bring much sunshine into our lives.
According to Rightmove, house prices have fallen by 1.2 per cent in the past month.
The property website has also halved its 2025 price prediction, saying it now expects prices to rise by two per cent this year rather than the previously anticipated four per cent.
Disappointing? Yes. Surprising? No. The writing was on the wall for the property market this summer when inflation proved to be much sticker than hoped, meaning the speed and likelihood of bank interest rate reductions is going to be slower than expected.
We're also feeling the effects of the end of the stamp duty holiday that caused a mini-rush, meaning many first-time buyers bought before the end, drawing up the supply of buyers for the normally busy summer season.
Investors are continuing to quit the market and aren't being replaced by new landlords who are deterred by regulation, high interest rates, and a feeling that property has peaked – at least for now.
This may not be a bad thing for the market as a whole, but it does have a deflationary effect on prices.
The most we can hope for is that economic conditions are right for some interest rate cuts before the end of the year.
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It's fair to say that the outlook is flat and unlikely to improve a great deal until 2026.
If you are planning to move in the second half of the year, there are a few things to remember which can help insulate you against the effects of falling prices.
Firstly, maximise savings. Before you move, declutter your current home and sell unwanted items. This can reduce moving costs and even generate some extra cash.
Get quotes from multiple removal companies and consider DIY options like hiring a van and enlisting friends for help.
Do your own packing to save money. Supermarkets often have free boxes, and you can find used boxes from other movers.
Be prepared to negotiate prices on everything, from your new home to moving services.
And, finally, seek professional advice. Consult with a real estate agent and financial advisor to understand the implications of falling prices on your specific situation.
Jonathan Rolande is a property expert from the National Association of Property Buyers and the founder of House Buy Fast. For more free advice, visit www.jonathanrolande.co.uk