New sellers lower prices in June, encouraging more to buy
New seller asking prices drop by 0.3% (-£1,277) this month to £378,240. This is an unusual dip for June, as new sellers lower their price expectations amid decade-high competition to secure buyers
• Some segments of the market are performing more strongly than others, with affordability and supply levels key:
• The higher-priced southern regions and the capital have seen larger price drops this month, being more affected by higher stamp duty charges, and seeing greater increases in available homes for sale
• Prices in the more affordable North West, Wales and Yorkshire & The Humber have risen quickest this month, and the overall average asking price for a home is still 0.8% ahead of this time last year
• Buyer activity continues to be resilient. May saw the highest number of sales agreed in any month since March 2022, as properties marketed at the right price and presented in top condition continue to attract buyers:
• Buyer demand is now 3% ahead of this time last year, while the number of homes coming to market is 11% ahead. With buyer choice so high the market is very price-sensitive, so pricing realistically is key to selling
• Rightmove data shows that homes which attract an enquiry on the first day of marketing are 22% more likely to find a buyer than homes which take more than two weeks to receive their first enquiry.
Average Asking price Trends
Price & activity trends
Regional trends
Affordability trends
The first-time buyer monthly mortgage payment is based on Bank of England data of the averages for 90% LTV two year fixed mortgages from lenders, and the average asking price of a typical first-time buyer home (two bedrooms or fewer) using the Rightmove House Price Index.
The equivalent monthly rent is calculated using the same property types (two bedrooms or fewer). The affordability to buy a first home is based on the Average Weekly Earnings (AWE) dataset from ONS multiplied by 4.5 to get the typical maximum that a person can borrow from a lender. The average asking price of a typical first-time buyer home is taken from the Rightmove House Price Index.
