A reported slowdown in the UK housing market has now extended from London and into the regions.
Property prices during the month of June have cooled, helped by the increased number of people who have put their houses o the market hoping to cash in on the recent boom.
Across the UK, seller numbers rose by nearly 10%, but the rise reached 20% in London.
In London, new seller prices recorded a surprise drop of 0.5% in June, according to Rightmove’s latest House Price Index.
Nationally, the price of new houses put on the market in June was almost unchanged, rising just £272 or 0.1% from May. Last month the index rose 3.6%.
Miles Shipside, director of Rightmove, said falling prices in London are “an example to the rest of the country of what happens when affordability and common sense get stretched too far.”
The Royal Institution of Chartered Surveyors revealed similar findings last week showing that demand for London property dropped for the first time in two years.
The North, Yorkshire & Humberside, the North West, the West Midlands and the East Midlands all saw a drop in asking prices, with the greatest in the North West with a drop in asking price of 1.8%.
The fall in prices will be a relief to economists who feared that rising prices could destabilise economic recovery.
