Asking prices for homes in Britain dropped by 0.3 per cent between 11 May and 7 June, marking the steepest decline since 2011, according to Reuters citing property website Rightmove. The fall contrasts with the typical 0.4 per cent rise seen during the same period. Rightmove attributed the dip to an oversupply of homes on the market and the delayed impact of recent stamp duty increases in England. Prices in southern England, where properties are typically more expensive, saw the largest declines. Despite the price softness, agreed sales rose to their highest level in over three years, aided by more competitive pricing. Annual price growth slowed to just 0.8 per cent, the weakest since August 2024, with the average asking price now at £378,240. The broader housing market has shown signs of cooling. Bank of England data revealed that mortgage approvals in April hit a 13-month low, and the central bank is widely expected to hold interest rates steady on 19 June, with markets anticipating two cuts before year-end. Attribution: Reuters Subediting: M. S. Salama
