House Prices: Good News For Buyers As Average Asking Prices Tumble – Rightmove

15 June 2026: Largest June Drop In 14 Years As Supply Outstrips Demand

The price of property coming onto the market slipped by 0.6% – just over £2,000 on average – this month as sellers compete to attract summer buyers, writes Laura Howard.

This month’s price drop is the steepest recorded for June in 14 years by Rightmove and puts the average asking price at £376,191– a fall of around 0.5% compared to this time last year.

Typically, June sees modest price increases, averaging 0.1% over the last 10 years. This month’s decline suggests that many sellers are dialling down expectations in response to higher levels of competition and more price-sensitive buyers, said the property portal.

The number of homes for sale also stands at historically high levels for the time of year, meaning more choice for buyers and greater bargaining power on price.

Colleen Babcock, property expert at Rightmove, said: “It’s unusual to see a price fall of this size in June, as we would normally expect to see modest price growth at this point in the year.

“What’s different this time is a combination of factors, including wider economic uncertainty, the timing of the May bank holiday and unusual heatwave, and the high number of homes on the market, which together appear to be bringing forward the traditionally slower summer market.”

However, June’s price fall masks regional and local market differences, particularly where affordability pressures vary, according to the property portal.

Prices have fallen across all southern England regions and Wales, for example, while more affordable northern areas such as the North East and Scotland are holding up better compared to this time last year, with respective annual rises of 3.3% and 3.2%.

Jeremy Leaf, a north London estate agent, said: “In our offices, sellers wanting to attract genuine buyers have been obliged to accept a larger dose of realism when it comes to asking prices, which are increasingly recognised as an aspirational starting point only.

“The amount of available stock – particularly flats – as well as concerns about the cost of living and mortgage rates, are making first-time buyers nervous about making financial commitments so the market is becoming even more price sensitive.”

He added that, while most sales are holding up, transactions are taking longer amid lingering economic uncertainty, which can increase seller risk of further re-negotiation or even collapse.

Mortgage affordability improved slightly in June, according to Rightmove’s daily mortgage tracker. It shows that the average two-year fixed rate has dropped to 5.07% from 5.18% last month, giving buyer affordability a boost.

Matt Smith, mortgage expert at Rightmove, said: “It’s encouraging to see mortgage rates edging down slightly, and even relatively small reductions can make a difference to buyers’ budgets.

“While rates remain higher than the lows of recent years, they have been relatively stable over a sustained period, which is helping to provide more certainty for those planning a move.”