Asking prices for British homes coming to the market fell this month, according to a survey from property website Rightmove, which was released on Monday.

The data indicates that some buyers are waiting for the Bank of England to cut interest rates.

The average asking price for properties listed between June 9 and July 6 was £373,493 ($484,943), representing a 0.4% decrease from the previous month.

Although Rightmove's data, which is not seasonally adjusted, often shows a decline in July, this month's drop was more significant than usual. Compared to the previous year, asking prices were up by 0.4%.

Other indicators of the housing market have shown a slowdown, as expectations for an imminent Bank of England rate cut have been delayed due to strong wage growth and persistent cost pressures. As of Friday, investors estimated a roughly 50% chance that the Bank of England would cut rates on August 1, although upcoming wage and inflation data could influence this probability.

Rightmove noted that the certainty provided by the July 4 election, which resulted in a landslide victory for Keir Starmer's Labour Party, is likely to have a positive impact on housing market sentiment. However, it highlighted the potential for a cut in the Bank of England's base rate as a significant factor.

"A first base rate cut in over four years, combined with the new political certainty, could pave the way for a positive autumn market, with improved affordability and a more confident outlook in the second half of the year," said Tim Bannister, Rightmove's director of property science.

Affordability was a prominent political issue before the election, with house prices having risen by around 20% since the last election in December 2019. The new Labour government has pledged to increase house-building, with a focus on affordable housing.