June saw a fall in asking prices for the first time this year.
Data from Rightmove revealed that the average asking price has dropped by 0.4% this month, the first fall that June has seen since 2009. Growth also declined to its lowest point since April 2013, slowing to 1.8%.
Although agreed sales are up by 7% compared to the correspondent month in 2016, this should be read with caution as last year’s figures are distorted due to the impact of the stamp duty rise.
There was also a north-south divide in the statistics; whilst annual agreed sales grew by just 3% in the South, they rose by 11% in the North.
Commenting on the figures was Miles Shipside. The director of Rightmove highlighted the impact of political uncertainty on the housing market as well as consumer confidence in general.
“It now seems certain that we will have continuing political uncertainty, which the housing market traditionally dislikes, and with the first fall in June prices for eight years there is no doubt that the lack of stability is a factor.
“The price of property coming to the market had increased in June in every year since 2009, so buyer confidence has clearly been affected by inflation outstripping their pay packets and current political events.”
