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UK house prices suffer biggest June drop in 14 years, says Rightmove
Rightmove said higher borrowing costs and more homes for sale are making buyers more cautious as the summer slowdown arrived early.
- Britain's average asking price for a home fell 0.6% in June, a £2,113 reduction bringing prices to £376,191, marking the most significant decline for this month in 14 years, according to Rightmove.
- Property expert Colleen Babcock of Rightmove said, "It's unusual to see a price fall of this size in June," citing economic uncertainty, the May bank holiday, an unseasonably warm heatwave, and the World Cup as contributing factors.
- Higher mortgage rates are squeezing household budgets while increased inventory encourages buyers to delay decisions, Babcock noted; sellers must set competitive prices to attract interest as buyers deliberate longer.
- Aneisha Beveridge, head of research at Hamptons, reported that landlords are taking a cautious approach, waiting for the right tenant rather than accepting the first offer to keep rental growth cool.
- Regionally, Scotland and the North East of England demonstrate relative price stability compared to last year, while Hamptons data shows average new let rents in the South East reached £1,500 per month in May, up 2.0% annually.
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Coverage Details
Total News Sources20
Leaning Left3Leaning Right0Center7Last UpdatedBias Distribution70% Center
Bias Distribution
- 70% of the sources are Center
70% Center
L 30%
C 70%
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