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Property asking prices remain flat in June

Property asking prices remain flat in June
Christina Hoghton
Written By:
Christina Hoghton
Posted:
18/06/2024
Updated:
18/06/2024

The average asking price of homes coming to the market for sale was virtually static in June compared to May, falling by just £21 this month.

That’s according to Rightmove, which said that, after rising to a record high of £375,110 in May, prices are flat in June, following their “familiar seasonal pattern”.

The property portal noted that less expensive and more northerly regions are seeing stronger price growth this month. It said that five of the six cheapest regions reached new price records, while the higher-priced East of England and London lagged behind.

Steady sales

The number of sales being agreed this month has stayed steady, at 6% higher than a year ago, said Rightmove.

Buyer demand is also stable, at 5% higher than last year.

Nathan Emerson, CEO of Propertymark, said: “It’s extremely positive to see stability within the housing market and, despite a challenging period of high inflation and elevated interest rates, we are witnessing people approach the market with growing confidence.

“If conditions permit, we are hopeful to see the Bank of England start reducing the base rate when they next meet on Thursday. Should this happen, a potential raft of competitive mortgage deals over the coming weeks would be very welcome news for many people.”

Related: Confidence in the UK’s housing market ‘beginning to ebb’, say surveyors