UK Housing Market Sees Rare Dip in June
(MENAFN) House asking prices across the United Kingdom declined during June, as property owners confronted the most challenging market environment in ten years, according to data published Monday by the real estate platform Rightmove.
The standard asking price slipped by 0.3 percent, settling at EURO378,420 (around USD515,000), which Rightmove described as an "unusual dip" for this time of year.
Historically, asking prices tend to climb by an average of 0.4 percent in June over the past decade.
This decrease occurred even though buyer interest was 3 percent stronger compared to the same time last year.
Nevertheless, the volume of properties being listed surged by 11 percent, resulting in a market characterized by heightened competition and increased sensitivity to pricing, Rightmove explained.
The government had previously implemented temporary reductions in stamp duty in England and Northern Ireland, but these incentives ended in April, leading to significantly higher costs for many property transactions.
Rightmove noted that this shift might be placing additional pressure on sellers, particularly in certain locations.
The largest price reductions in June were observed in the south-west (down 1.6 percent), the south-east (1 percent), and London (0.9 percent).
These regions also appear to have experienced a more noticeable decline in buyer demand, likely influenced by the reinstatement of full stamp duty fees.
At the same time, these southern regions witnessed the most substantial growth in housing supply compared with the previous year, contributing further to the current market strain.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
