The total number of homes available for sale in the UK has reached its highest level for this time of year since 2014, according to Rightmove's latest market data. This elevated supply is constraining price growth as sellers face higher mortgage rates.
The typical price of new listings remained broadly flat at £371,015 last month. This represents a 1% monthly increase but a 0.1% annual decline. Average asking prices fell in almost five regions, with northern areas experiencing the most significant reductions.
The North East recorded the largest drop at 2% to £195,977, and Scotland saw prices fall 1.9% to £203,415. In contrast, London diverged from the national trend with a 2.5% monthly increase in average asking prices, though prices in the capital are still 1.7% below year-ago levels.
Sales agreed are down 8% compared to last year, and new buyer enquiries have fallen 9% year-on-year. New property listings, however, have increased by 3%, contributing to the higher inventory levels.