UK house asking prices decline as sellers face challenging conditions
(MENAFN) House asking prices in the UK declined slightly in June, as sellers faced the most challenging market conditions in a decade, according to data from property website Rightmove released Monday. The average asking price fell by 0.3% to £378,420 (approximately $515,000), marking an unusual drop for June, a month that typically sees a 0.4% rise based on the past ten years.
Despite buyer demand being 3% higher than last year at this time, the number of homes listed for sale surged by 11%, creating a competitive and price-sensitive environment for sellers. Rightmove noted that the end of temporary stamp duty cuts in England and Northern Ireland in April—resulting in higher transaction costs—may be putting extra pressure on sellers in certain regions.
The biggest price decreases occurred in the south-west (down 1.6%), south-east (1%), and London (0.9%), where buyer demand appears more affected by the return of full stamp duty charges. These regions also saw the largest year-on-year increases in the number of properties available for sale.
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