Average new seller asking prices fell by £82 (-0.0%) this month to £372,812, the first monthly drop in new asking prices this year, according to the latest Rightmove House Price Index.
The figure also marks the first fall in the month of June since 2017.
On average over the previous 10 years, the housing market has seen an increase of 0.6% in asking prices at this time of year, which Rightmove has suggested indicates that buyer affordability constraints and more pricing realism from new sellers have brought forward the usual summer slowdown.
Rightmove also reported that there have been some significant increases in fixed mortgage interest rates over the last few weeks following stubbornly high inflation figures, which is piling pressure onto “already very stretched budgets” for UK homeowners. These increases in rates and monthly mortgage payments may mean that some have to pause their plans for now.
However, Rightmove’s latest snapshot of the market has also suggested the immediate impact on activity has been “limited”, with most movers determined to carry on if they can still afford it.
“Average new seller asking prices, the first and leading indicator of new trends in the market, have dropped slightly this month, signalling that the belated spring price bounce has quickly turned into an earlier than usual summer slowdown,” commented director of property science at Rightmove, Tim Bannister.
“We expect asking prices to edge down during the second half of the year which is the normal seasonal pattern, and while we sometimes re-forecast our expectations for annual price changes at this time, current trends suggest that our original forecast of a 2% annual drop in asking prices at the end of 2023 is still valid.
“Agents report that new sellers are sitting in two camps – those who still have overoptimistic price expectations following the buoyant pandemic market, and those who have adapted to the new conditions and are coming to market with a competitive price. Sellers who price competitively are much more likely to find a suitable buyer quickly before their home appears stale, and they can often then negotiate on price on any onward purchase.”
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