The UK property prices rose to a new record for the fifth consecutive month in June but a slowdown in price growth is expected for the coming months, property website Rightmove said Monday. Property prices rose only 0.3 percent on month, the slowest increase since January, as the pace of price growth started to slow.
Rightmove said affordability constraints, a better balance between supply and demand, and usual seasonal price drops will contribute to further slowing of price growth in coming months.
After a strong first half of the year, house price inflation is forecast to be 5.0 percent by the end of the year, down from the current rate of 9.7 percent.
The number of properties coming onto the market up by 7.0 percent compared to this time last year. It is currently taking 150 days to complete a purchase on average after agreeing a sale, 50 days longer than at this time in 2019.
There are more than 500,000 homes that are currently sold subject to contract, which is 44 percent higher than it was at this time in 2019.
