🏡 UK Property Market Update: June Sees Biggest June Price Drop in 14 Years
June's House Price Index paints a picture that will feel familiar to many sellers across the country. While the national market remains active, increasing competition and buyer caution are continuing to put pressure on pricing.
According to the latest Rightmove House Price Index, average asking prices fell by 0.6% in June, bringing the national average asking price to £376,191. This represents the largest June price drop recorded in the last 14 years.
More Choice for Buyers, More Competition for Sellers
One of the key themes emerging from June's data is the continued imbalance between the number of homes available and the number of buyers actively prepared to proceed.
Rightmove reports that while the number of homes for sale has eased slightly compared to last year, stock levels remain historically high. This means buyers have plenty of choice and are taking their time before committing.
Mortgage affordability has improved slightly, with the average two-year fixed rate falling to 5.07%, down from 5.18% last month, but lower borrowing costs alone have not been enough to accelerate market activity.
Across England (excluding inner London):
- First-time buyer homes: down 0.2% month-on-month
- Second-stepper homes: down 0.3% month-on-month
- Top-of-the-ladder homes: down 2.2% month-on-month
The largest falls continue to be seen at the upper end of the market, where buyers have the greatest amount of choice and are negotiating hardest.
North Yorkshire Focus: DL7–DL11
Across DL7–DL11, June has reinforced what we've been seeing for several months.
The market isn't lacking stock. In fact, many areas now have significantly more homes available than buyers actively viewing and offering. As a result, we're continuing to see a substantial number of price reductions as sellers compete for attention.
Many properties are undergoing multiple reductions before securing a buyer, often because they entered the market above where buyers perceive value to be.
Sales are still happening, but they are taking longer to agree, longer to progress, and buyers are negotiating more confidently than they have for some time.
The homes generating the strongest interest remain those that are priced realistically from day one. Where a property launches correctly, buyers are still willing to act. Where pricing is ambitious, the market is proving increasingly unforgiving.
Final Thoughts
June's index reflects a market that is becoming increasingly price-sensitive.
Nationally, activity continues, but buyers are taking longer to make decisions and sellers are facing more competition than they have for several years. Locally, we're seeing the same pattern across DL7–DL11, with high stock levels, slower sales progression and an increasing number of reductions.
The good news is that buyers are still there. The challenge is making sure your property stands out amongst the growing choice available.
If you're thinking of a move in the near future, get in touch with our Sales Team for any advice- 01748 834373