The drop in UK house prices in June is the largest since 2011.

Data released on Monday showed that the asking price for homes in the UK fell by the largest amount in 14 years, making the signs of a softening housing market more apparent after the end of the tax break for home buyers. Property website Rightmove said that prices fell by 0.3% from May 11 to June 7 compared to the previous month. The website stated that this was the largest decrease since June 2011, with prices typically rising by 0.4% at this time of year. Rightmove property expert Colleen Babcock said that the number of homes for sale currently seems to be at the highest level in a decade, and recent stamp duty increases in England have delayed pricing for new sellers, with an average asking price of 378,240, a 0.8% increase from the same period last year, the smallest increase since August 2024. However, Rightmove stated that more competitive pricing is helping sales, with agreed sales reaching the highest level in over three years. Other indicators in the UK property market also show a slowdown in growth, with data from the Bank of England showing that mortgage approvals in April fell to the lowest level in over a year. Rightmove mentioned that homes in the south of England are typically priced higher and are more affected by increases in property taxes, leading to larger price declines.