The average price of a UK property coming to the market in June dropped by 0.3% to £378,240 in an “unusual dip in prices” for the month, as new sellers lower their price expectations, according to Rightmove (RMV.L).
According to the property site, this month’s price drop of £1,277 comes as sellers lower expectations amid an intensely competitive market that has reached decade-high levels in terms of the number of homes available for sale.
The price reductions are not uniform across the entire market, with some regions performing better than others. High-priced areas, particularly in the South and London, have seen the most significant price drops, likely due to a combination of higher stamp duty taxes and a greater availability of homes for sale.
These regions are also facing a heightened supply of properties, which puts additional downward pressure on prices.