House sellers’ asking prices hit a record high for the third month in a row

HOUSE sellers’ asking prices have hit a record high for the third month in a row.

The price of property coming to the market increased by 0.8 per cent, or £2,509, on average in June, pushing the typical price tag across Britain to a new record high of £336,073, according to Rightmove.

It said asking prices across all regions and nations of Britain have hit new records.

This is despite Office for National Statistics (ONS) figures last week showing the average UK house price fell by £5,000 in April after reaching a record high in March – the month when a stamp duty holiday was originally due to end.

The ONS house price index is less timely than Rightmove’s data as it is based on completed sales at the end of the conveyancing process, rather than the prices that sellers are looking to achieve. Rightmove said the 0.8% increase in asking prices recorded in June is smaller than rises of 1.8% in May or 2.1% in

April – indicating an early sign of a slowing in the pace of the current hectic market.

But the latest increase is still the largest rise for this time of year since 2015, buoyed by the strength of the top end of the housing market and home movers looking to change their lifestyles, the report added.

Tim Bannister, Rightmove’s director of property data, said: “Record low interest rates and stamp duty tax reliefs have helped many to afford higher prices, satisfying their pent-up desires for a new home fit for a new era.

“Some of that demand has now been met, and the phasing out of stamp duty reliefs has also taken away some of the urgency to move, though our high traffic and search data indicate that there is still strong buyer demand.

“However, higher prices combined with a lack of fresh choice coming to market are reducing some buyers’ ability or desire to move, and while we expect the market to remain robust, there are early signs of a slackening in the incredible pace of activity that we’ve seen over the last year.”