Synopsis:
- UK house asking prices have stalled at £375,110, marking a shift from the usual upward trend.
- This flat growth follows record highs in May and could signal a cooling market.
- Despite the price stagnation, sales figures remain positive, suggesting continued buyer activity. The upcoming election and property’s enduring investment appeal might be influencing buyer behavior.
London, UK – June 20, 2024: The UK housing market appears to be losing some steam, with average asking prices remaining flat at £375,110 according to the latest data from Rightmove, a leading property portal. This comes after a period of sustained growth.
A Flat Market After Record Highs
The average asking price for properties coming onto the market in June saw a negligible decline of £21 compared to May. While statistically flat, this is a significant shift from the usual June trend of price increases. Rightmove highlights that asking prices often dip slightly in June, but last year also saw flat growth, potentially indicating a broader cooling effect.
Resilience Despite Uncertainty
Despite the stall in asking prices, Rightmove suggests the market remains resilient. Sales figures are up 6% compared to June 2023, indicating continued buyer demand. This could be attributed to a combination of factors, including the ongoing appeal of property as an investment and a potential pre-election rush from buyers wanting to secure a home before the UK’s July 4th General Election.
