UK house prices fall 0.6% in June, biggest drop in 14 years

Average asking prices for British homes fell sharply in June, recording the largest monthly decline for this time of year in 14 years. According to property portal Rightmove, the average asking price dropped by 0.6 percent, equivalent to £2,113, during the month, bringing the national average to £376,191. The data highlights an unusual seasonal trend, as June typically sees modest price growth.

Property experts described the decline as atypical for the season and attributed it to a combination of factors. Colleen Babcock, a property expert at Rightmove, stated that wider economic uncertainty, an early May bank holiday and heatwave, and a high number of homes on the market have brought forward the traditional summer slowdown. The firm also suggested the ongoing World Cup may be distracting some prospective buyers. Market conditions are characterized by elevated mortgage rates continuing to pressure household finances and an increased supply of properties, leading buyers to take a more measured approach.

The slowdown has been most evident in southern England and Wales, while more affordable regions like the North East of England and Scotland have shown relative price stability...