rise in asking prices lowest for months

The asking price for homes for sale in Britain rose by the smallest amount since the start of the year this month.

Leading industry property portal Rightmove said that asking prices for homes coming to market between May 15^th and June 11^th were 0.3 per cent higher than a month earlier, down from a 2.1 per cent rise in its May data.

By comparison with a year earlier asking prices are up 9.7 per cent against the 10.23 per cent increase reported in May.

Other house price measures from Nationwide Building Society and Halifax have also cooled from previous peaks, although year-on-year price risers remain high.

Ben Furnell, Managing Director at Furnell Residential said: “Prices reached unprecedented levels post pandemic and some realignment was to be expected. However in our area of operation we are still seeing prices going up due mainly to demand continuing to outstrip supply. A useful barometer for the state of the market is the number of viewings and in May alone we conducted over 300.

“There are certain factors looming such as higher interest rates and the cost of living crises which will start to influence sectors of the market and we will be advising vendors accordingly. In our experience conveyancing is still a problem with the process taking significantly longer than in 2019.”

Established in 2018, Furnell Residential is a family owned estate agency covering North Leeds, Wetherby, York, Harrogate and surrounding areas.