Rightmove Reels in June 0.6% Uk Property Market June Fall
Uk property market june prices fell 0.6% in June as Rightmove said the average asking price slipped to £376,191, the biggest June drop in 14 years. The market is giving buyers more room to push back on pricing, while sellers are being forced to match a market that has cooled from the pace of earlier months.
Rightmove Counts £2,113 Less
£2,113 was wiped from the average asking price in June, a monthly move that left prices 0.5% below a year earlier. Rightmove said the fall came as homes for sale stayed at historically high levels for this time of year, giving buyers more choice and putting pressure on sellers who still want to move quickly.
0.6% was the June decline that stood out most, but the monthly move came after an 8% drop in enquiries in one week at the end of May when temperatures soared. Rightmove said buyer demand bounced back after the half-term heatwave lull, yet the number of potential buyer queries is still lower than last year and remains stable in line with this year’s pattern.
Matt Smith Sees Rate Relief
1 mortgage-rate trend is helping to cushion demand: Matt Smith said rates are edging down slightly and have been relatively stable over a sustained period. “It’s encouraging to see mortgage rates edging down slightly, and even relatively small reductions can make a difference to buyers’ budgets.”
1 other effect is that pricing has become more sensitive, with Jeremy Leaf saying sellers have been obliged to accept a larger dose of realism when it comes to asking prices. He added that the available stock, especially flats, plus cost-of-living and mortgage-rate worries, are making first-time buyers nervous about financial commitments.
Jeremy Leaf and Stock Pressure
5% fewer newly listed homes were coming to market than at the same point last year, but supply was still 6% above 2024 and 12% higher than 2023. Marc von Grundherr said buyers are not moving at the pace seen in previous years because current market conditions and an oversupply of stock are giving them time and choice, and he said a larger than usual dip in asking prices shows sellers are pricing to sell rather than to expectations.
14 years is the comparison that now frames June’s fall, and the split in demand is visible in the Midlands. Henry Crane said leasehold properties are seeing softer demand and less urgency from buyers, while well-presented, sensibly priced freehold homes continue to attract strong interest and sell quickly and competitively.
For sellers, the message is direct: price to the market or wait longer. For buyers, the combination of slightly softer mortgage rates and a wider pool of homes means June’s drop gives them more leverage, especially where stock is plentiful and sellers are chasing genuine demand rather than testing the top end of the market.
