The price of property coming onto the market has hits its sixth consecutive monthly high, at £369,968, said Rightmove.

This is up 0.4% in the last month (or £1,354) and 9.3% in the last year.

The property portal has now revised its house price forecast for 2022 up from 5% growth to 7%, as record low stock volumes struggle to recover enough to meet buyer demand.

It also noted that, despite a 7% drop in buyer demand in a year, it’s still 26% higher than the same time in 2019.

The number of sellers is also up 13% in a year, but remains 40% down from 2019.

Tim Bannister, Rightmove’s director of property science, said: “For those looking to buy, it means more choice, and a slight easing in competition against other buyers while the market is still moving very quickly. In the current fast-changing economic climate, those looking to buy who find a suitable home they can afford, may choose to act now rather than wait.

“While more choice is welcome news, the number of homes available remains well below the more normal levels of 2019 and is unable to satisfy the continued high demand that we’re seeing. Though a softening in demand is moving the market from a boil to a simmer, it remains 26% up on 2019.

Sarah Coles, senior personal finance analyst at Hargreaves Lansdown, added: “Asking prices are booming again in July, as the white-hot market convinces sellers they can keep pushing prices skywards. However, that’s only half the story.

“Asking prices tend to obscure more subtle moves in the market, and we’re seeing a number of small but important changes. With the number of buyers continuing to fall, and the number of sellers starting to rise, the imbalance that has pushed prices higher even as tougher times have hit could be starting to unwind, which would pour cold water on the overheated market.”