UK Home Sellers Prices Fall in June
(MENAFN) Rightmove data revealed that average asking prices for UK homes fell in June, as sellers grappled with the most challenging market conditions in a decade.
The typical listing price dropped by 0.3% to £378,420 (around $515,000), defying the usual seasonal trend. Historically, prices in June tend to rise by an average of 0.4% over the past ten years, making this year’s decline particularly notable.
Interestingly, the dip in prices comes despite a 3% year-on-year increase in buyer interest. But that modest demand bump has been overshadowed by a surge in property listings — an 11% jump compared to the same period last year. According to Rightmove, this influx has intensified competition, leading to a highly price-sensitive marketplace.
The end of temporary stamp duty reductions in England and Northern Ireland back in April may also be exerting downward pressure on prices, especially in certain parts of the country. These cuts, which had provided significant savings on property transactions, were withdrawn, raising costs for many buyers.
The impact has been most severe in southern regions. June saw asking prices fall the most in the South West (down 1.6%), followed by the South East (1%) and London (0.9%). These same regions also experienced the sharpest rise in available housing stock compared to a year ago, amplifying the effect of diminished buyer appetite.
Rightmove noted that the market currently sits at a delicate tipping point, with stronger-than-anticipated buyer interest being offset by a surge in competing sellers.
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