UK House Sellers Lower Prices
(MENAFN) In June, property asking prices across the UK declined as homeowners contended with the most challenging housing market in a decade, according to data published Monday by property platform Rightmove.
The average asking price slid by 0.3 percent, settling at EURO378,420 (approximately USD515,000). This drop was described as an "unusual dip" for the month, since prices typically climb by 0.4 percent in June based on a ten-year trend.
This decrease in prices occurred even though buyer interest was 3 percent higher than during the same period last year.
Nonetheless, the number of homes being listed surged by 11 percent, resulting in a more competitive and price-sensitive landscape, Rightmove noted.
The UK government discontinued temporary reductions in stamp duty for England and Northern Ireland back in April, which raised transaction costs by several thousand pounds.
Rightmove suggested that this policy shift might be having a greater effect on property owners in specific areas.
The most significant price drops for June were seen in the south-west (down 1.6 percent), south-east (1 percent), and London (0.9 percent). In these regions, buyer interest appears more impacted by the reinstated full stamp duty charges.
These same regions also experienced the most notable growth in the volume of homes listed for sale when compared to figures from the previous year.
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