Higher than expected prices in April and May partly explain drop, along with competitive market
House prices fell by 0.3% in June compared to the previous month in what Rightmove described as an ‘unusual dip’.
Rightmove’s latest house price index show average house price was £378,240 in June, down £1,277 month on month. The figure was 0.8% up year-on-year.
It said: “The continued decade-high level of buyer choice is also continuing to put downwards pressure on prices.
“It appears that more competitive pricing is helping sales activity, with May seeing the strongest month of sales agreed since March 2022.”
It said however that price growth was better than expected in April and May in part due to a delayed response to increased stamp duty in England from April.
>>See also: House prices dipped in May, says Halifax
Colleen Babcock, head of partner marketing at Rightmove, said: “Agents have been telling us that sellers need to set a competitive price to have a better chance of finding a buyer in the current market, and it looks like many are listening and responding to that message. Such realistic pricing will remain key in the coming months.”
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