UK house asking prices fell 0.3% so far in June compared to a month ago, the first decline this month in over a decade, following April’s stamp duty changes and high supply levels.
This is according to data from Rightmove, which also shows that average asking prices are 0.8% higher than a year ago, thanks to buyer activity remaining resilient.
Last month saw the highest number of sales agreed in any month since March 2022, with buyer demand said to be 3% ahead of this time last year, and the number of homes coming to market is up 11%.
"Underneath the headline figures, we can see regional variations in price changes this month, which appear closely linked to buyer affordability and supply levels," said Colleen Babcock, a property expert at Rightmove.
Higher-priced South West, South East and London regions are seeing the largest price drops this month as buyers there were disproportionately affected by April’s stamp duty changes.
More affordable areas like the North West, Wales and Yorkshire & The Humber recorded price increases.
Rightmove’s data shows that homes receiving an enquiry on their first day are 22% more likely to find a buyer than those waiting more than two weeks.
Babcock added: “It’s an encouraging market for those looking to buy, with a very good choice of homes for sale, which also means they have good negotiating power... homes which are marketed as effectively as possible and priced right at the start of marketing will get the all-important early interest.”