Rightmove: UK House Prices See Largest June Decline in 14 Years Amid Market Uncertainty
UK Housing Market Experiences Unprecedented June Price Drop
LONDON, June 15 (Reuters) - Asking prices for newly advertised British houses and apartments recorded their biggest June fall in 14 years this month as unusually hot weather and economic uncertainty caused by the war in Iran hurt demand, property website Rightmove said on Monday.
Monthly and Annual Price Movements
Prices for property put on sale during Rightmove's June period - which runs from May 10 to June 6 - were 0.6% lower than for homes marketed a month earlier. Prices had risen by 1.2% on a monthly basis in the May period.
Expert Insights on the Decline
"It's unusual to see a price fall of this size in June, as we would normally expect to see modest price growth at this point in the year," Colleen Babcock, property expert at Rightmove, said.
"What's different this time is a combination of factors, including wider economic uncertainty, the timing of the May bank holiday and unusual heatwave, and the high number of homes on the market, which together appear to be bringing forward the traditionally slower summer market,"
Key Market Statistics from Rightmove
Price and Mortgage Trends
Rightmove also said:
- Asking prices in June were 0.5% lower than a year earlier, after a 0.3% annual drop in May
- The average two-year fixed mortgage interest rate fell to 5.07% on June 8 from 5.18% a month earlier
Buyer Demand and Supply Changes
- Buyer demand fell 10% in May, when Britain recorded its hottest ever May temperatures
- The number of homes newly advertised for sale fell 5% compared to a year ago and is 6% higher compared with the same period in 2024
- Sales agreed were 6% below their level a year earlier but similar to 2024 volumes
Reporting and Editorial Credits
(Reporting by Suban Abdulla; editing by David Milliken)
