June Rightmove House Price Index

Discover the latest insights on the housing market with our overview of Rightmove’s latest House Price Index

Get the latest insights on the housing market with our overview of Rightmove’s latest House Price Index

Market Maintains Momentum Despite More Tentative Top-End

The average price of property coming to market for sale drops by just £21 this month (0.0%) to £375,110 after reaching a record high in May. Prices in June follow a familiar seasonal pattern, remaining flat.

Regional Growth

Less expensive and northerly regions show stronger price growth, with five of the six cheapest regions reaching new price records, while the higher-priced East of England and London lag behind.

Stable Buyer Activity

The majority of buyers and sellers have continued their plans since the election was called. Over the last four weeks, sales agreed have stayed steady at 6% higher than a year ago. Buyer demand remains stable, now 5% higher than last year.

Top-End Caution

There is a slight drop in the number of new sellers, especially at the top-end of the market. In the two weeks since the surprise election announcement, the number of top-end sellers coming to market is 3% lower than a year ago.

Mortgage Rates

Stubbornly high mortgage rates continue to stretch affordability. The average 5-year fixed mortgage rate is now 5.04%, compared with 4.94% in January.

Regional Variations

Price trends differ across Great Britain, with the strongest price growth in less expensive and more northerly regions. In contrast, the higher-priced East of England and London regions lag, seeing this month’s only regional price falls.

Future Outlook

The housing market is expected to maintain its momentum despite high mortgage rates. A potential Bank of England rate cut could lead to lower mortgage rates, having a much wider and immediate impact on the market than current housing policies.

For further insights, check out Rightmove's House Price Index.

If you have any questions about the contents of this blog, get in touch with us.

Or if you would like to book a property valuation for your home, you can do that here.

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