Average asking prices for UK homes offered by new sellers fell by £7,012 to £364,895 this month, or around 1.9%, according to recent data from online property portal Rightmove (RMV.L).

This was accompanied by a declining number of agreed sales, which was 15% below the 2019 level.

At the same time, data showed that rents continue to rise, meaning it is becoming more attractive for first-time buyers to enter the market. The number of first-time buyers was above average and 10% lower than in 2019.

In the typical first-time buyer sector of two-bedroom apartments and less, average asking rents have increased by 12% year-on-year and by 33% compared to the same period in 2019.

Data from the Office for National Statistics confirms Rightmove’s findings. Earlier this week, it was revealed that property prices in London fell by 0.6 percent in the 12 months to June, while rents in the capital rose by 5.5 percent.

In England, annual private rental prices rose by 5.2 percent in the 12 months to July, in Wales by 6.5 percent and in Scotland by 5.7 percent, it said.

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“A key factor that has prevented major price falls so far this year is the fact that the number of properties for sale remains historically limited and is currently 10% lower than in 2019,” said Tim Bannister, Rightmove’s director of property science for sellers.

“Rightmove’s latest data reinforces reports from agents that in the current market, getting the price right is key to attracting a buyer.”

Although it seems slightly more affordable to both buy a home and take out a mortgage, given a drop in average interest rates from 6.08% to 5.81%, it is important to note that prices are still £59,000 (19%) higher than the pre-pandemic market in August 2019, according to the data.

Attention: British property prices are falling faster this year than in 14 years