UK Home Asking Prices See Largest June Drop

UK home asking prices fell by 0.3% in June 2025, the largest June drop in 14 years, according to Rightmove, defying the usual seasonal rise. The decline is attributed to a decade-high number of homes for sale and recent increases in stamp duty, especially in southern England. Despite the drop, average asking prices are up 0.8% year-on-year, the smallest annual rise since August 2024. Increased supply and competitive pricing have driven sales activity to its highest level in over three years. The Bank of England is expected to keep interest rates steady, with possible cuts anticipated later in 2025, while the broader economy has cooled partly due to the end of property tax breaks. Experts stress that realistic pricing is essential for sellers amid abundant housing supply and shifting market dynamics.