The average price of property coming onto the market fell more sharply than usual in July as high levels of housing supply and subdued buyer activity continued to put pressure on sellers, according to Rightmove.

The latest Rightmove House Price Index indicates that the seasonal summer slowdown has been more pronounced than normal, with sellers facing increased competition to attract buyers.

A combination of high housing supply, affordability pressures and elevated borrowing costs has contributed to softer market conditions.

Rightmove also pointed to unusually hot weather and disruption from the World Cup as factors affecting buyer activity during the period.

The increase in available homes means buyers in many areas have a wider choice of properties and greater negotiating power, increasing pressure on sellers to price realistically when entering the market.

Properties that are priced too aggressively are consequently at greater risk of remaining unsold or requiring subsequent price reductions.

The latest figures follow a period in which the housing market has continued to adjust to higher mortgage costs despite reductions in the Bank of England base rate from its previous peak.

Affordability remains a key constraint, particularly for buyers requiring larger mortgages, while the volume of homes available for sale has increased competition between vendors.

Rightmove’s data suggests sellers entering the market during the remainder of the summer will need to respond to increasingly price-sensitive buyers, particularly in areas where housing supply has risen most strongly.