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UK house prices tread water on-month in June, following a ‘familiar seasonal pattern’, but registered annual growth, numbers from Rightmove showed Monday.
The property portal said the average UK house asking price was largely flat on-month at £375,110 in June, compared to May’s record high of £375,131.
On-year, house prices grew 0.6% in June, the same pace of growth in May.
Rightmove noted lofty mortgage rates are hurting affordability. The average five-year fixed mortgage rate is now at 5.04%, compared with 4.94% in January, it noted.
Would-be movers have the Bank of England’s interest rate outlook, as well as the upcoming general election and any housing market promises to be mindful of. The BoE’s next decision is on Thursday. The election is on July 4.
Rightmove analyst Tim Bannister commented: ‘It’s always difficult to predict how home-movers will react to sudden uncertainty, but looking back through our data, we can see that during previous election campaigns, market activity has remained largely steady. This election has followed a similar pattern so far, and the responses from our poll of over 14,000 people also supports the data, with the vast majority of respondents saying they will carry on with their home-moving plans.
‘However, some potential sellers appear to be watching and waiting rather than taking action, evidenced by a dip in the number of new sellers coming to market, particularly at the top-end. This is understandable when many of these sellers have more flexibility over when they act, but overall, it appears to be business as usual for the mass-market.’
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