New seller asking prices dipped in June, according to Rightmove’s latest house price index, despite strong buyer demand and property sales reaching a three-year high.
Asking prices fell by 0.3% to an average of £378,240, the property website said. While unusual for June, this may be due to a sharp increase in available homes for sale. The number of properties coming to market is 11% up on the same period last year, with buyer demand running 3% ahead of June 2024. New sellers are therefore lowering their price expectations due to competition to secure buyers.
Colleen Babcock, property expert at Rightmove, said: “It appears that we’re now seeing the decade-high level of homes for sale, and the recent stamp duty increases in England, have a delayed impact on new sellers’ pricing. Prices have fallen this month after the new records set in April and May.
“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. Underneath the headline figures, we can see regional variations in price changes this month, which appear closely linked to buyer affordability and supply levels.”
London and other high-priced southern regions have seen the biggest price drops this month, with buyers in these areas more affected by steeper stamp duty charges. By contrast, prices in the North West, Wales and Yorkshire and The Humber have risen the fastest this month.
Rightmove said that sellers need to be doing all that they can to make sure that their listings stand out as better value compared to similar properties. Homes that receive an enquiry from a potential buyer on the first day of being listed are 22% more likely to successfully find a buyer than properties which take more than a fortnight to receive their first enquiry.
