UK Home Asking Prices Fall Amid Market Cooling

UK home asking prices fell by 0.3% in June 2025, the largest June drop since 2011, with the average price now at £378,240. The decrease is attributed to a decade-high number of homes on the market and a delayed response to April's stamp duty increase, especially in southern England. Despite falling prices, sales activity has surged to its highest level in over three years as sellers adopt more competitive pricing. Annual price growth has slowed to 0.8%, and some regions now report more first-time buyers than renters for the first time in a decade. Experts emphasize that continued competitive pricing is vital as supply continues to exceed new buyer demand. Broader indicators, including mortgage approvals and official economic data, point to a general cooling in the property market.