º£½ÇÊÓƵ house prices experienced a slight dip in June, coinciding with an increase in the number of properties being listed for sale.
New asking prices decreased by 0.3 per cent to £378,240 in June amidst "decade-high" competition to secure buyers, as reported by Rightmove's latest house price index, as reported by .
Prices are currently 0.8 per cent higher than they were at this time last year.
"Agents have been advising sellers to set competitive prices to increase their chances of finding a buyer in the current market, and it appears that many are heeding this advice," said Colleen Babcock, property expert at Rightmove.
Buyer demand in June was up three per cent year on year, while the number of homes coming onto the market has risen 11 per cent year on year, according to Rightmove.
Tomer Aboody, director of specialist lender MT Finance, suggested that with the economy "potentially taking a negative turn", sellers are realising that "if they are serious about selling, they need to be open to offers or price correctly in the first instance."
Aboody further noted that sellers are "more motivated" to sell as buyers are keen to "take advantage of lower mortgage rates."
"Buyers are eagerly waiting to see whether further rate cuts will come, which will lessen the impact of potentially higher stamp duty costs," he added.
The north of England continued to outperform the south, with higher-priced southern properties more affected by an increase in stamp duty.
"Underneath the headline figures, we can see regional variations in price changes this month, which appear closely linked to buyer affordability and supply levels," remarked Babcock.
Regions such as the higher-priced South West, South East and London experienced the steepest price decreases month on month, coupled with the most significant rises in the number of homes for sale when compared to the previous year.
Meanwhile, the 'top of the ladder' sector witnessed a 0.8 per cent reduction in average home prices on a monthly basis, while the 'first-time buyer' category saw a 0.4 per cent downturn.
