Average asking prices fell £2,113 in June to £376,191 - a 0.6% monthly drop, the sharpest June decline since 2012, according to Rightmove. Here's the angle most commentators miss: this is not a crash story. It is a supply story. And supply stories have winners.
Why Are Prices Falling Now?
June normally records modest price growth, averaging a 0.1% increase over the past decade (Rightmove). This year ran the opposite direction. Stock levels are 6% higher than in 2024 and 12% above 2023 levels, flooding buyers with choice at precisely the moment demand is softening.
Buyer demand in May was 10% lower year-on-year, and sales agreed were down 6%, though volumes remain comparable with 2024 and ahead of 2023 (Rightmove). Buyers are not vanishing - they are deliberating. With more homes to choose from, they can afford to.
Over a third of newly listed homes are failing to find a buyer, according to Rightmove. That stat matters. Sellers who priced ambitiously in the spring are now revising down, creating a pool of motivated vendors that active deal-sourcers can work with directly. If you want to understand how to find those deals systematically, the methodology is the same whatever the market does.
Where Is the Market Softest?
The slowdown is sharpest across southern England and Wales, where asking prices have broadly fallen. The North East and Scotland have held firmer, benefiting from relative affordability (Rightmove).
That regional split is where the investment opportunity sits. More affordable markets with stable demand are carrying less of the correction risk. Watch those areas. National headlines average out the noise - local data is what moves the needle on returns. Running property investment strategies through a regional lens right now is the right call.
What Does the Mortgage Picture Look Like?
Rightmove's mortgage tracker shows the average two-year fixed rate eased from 5.18% to 5.07% in the past month, cutting average monthly repayments by around £30. Marginal on a single deal. Material across a portfolio.
Colleen Babcock, head of partner marketing at Rightmove, said the market is price-sensitive and buyers are taking longer over decisions, but overall activity sits within a typical historic range. Borrowing costs remain elevated, but even modest improvements shift buyer confidence.
That rate movement makes this a good moment to stress-test any deal you are sitting on. The stress test calculator will show you how sensitive your margin is to rate shifts before you commit.
New listings were 5% lower year-on-year, hinting the market is entering its summer slowdown early. That dip in fresh supply could stabilise prices in the months ahead - but right now, competition among sellers is real. If you are sourcing, this is the window. Use deal sourcing software to filter at volume, not one listing at a time.
Key Takeaways
Asking prices fell £2,113 in June to £376,191, the largest June drop since 2012 (Rightmove).
Stock is running 12% above 2023 levels, keeping downward pressure on pricing.
Over one third of new listings are failing to find a buyer.
Two-year fixed mortgage rates eased to 5.07%, down from 5.18% in the past month (Rightmove).
North East and Scotland are holding firmer than southern England and Wales.
