buyers’ market as house prices stall
SPRING house price momentum stalled in June as the average price tag on a property coming to market dipped by more than £1,000 month-on-month, according to Rightmove.
Across England and Wales, the average asking price was £316,109 in June, marking a 0.4 per cent or £1,172 fall compared with May, amid signs that it is becoming more of a “buyers’ market” in some areas, the property website said.
It was the first fall seen in the month of June since 2009 – at the height of the credit crunch – Rightmove said. It is also the first monthly decline in asking prices it has seen this year so far.The annual rate of asking prices also slowed in June, to 1.8 per cent.
Rightmove said growth would have been in positive territory had it not been for the two “slower-performing” regions of London and the South East of England. Asking prices were down month-on-month by 2.4 per cent in London and by 0.9 per cent in the South East.
By contrast, asking prices were up month-on-month in June by 1.7 per cent in Yorkshire and the Humber, and by 1.3 per cent in the North West of England and the East Midlands.