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Rate Rises Dampen Spring Price Momentum, But Market Activity Remains Steady

In a surprising turn of events, average new seller asking prices have dipped by £82 (-0.0%) this month, landing at £372,812. This decline marks the first monthly drop in asking prices witnessed this year, and it's the first time we've seen a decline in June since 2017. The spring bounce, which experienced a slight delay, has quickly transformed into an earlier-than-usual summer slowdown. It's important to note that this seasonal pattern indicates that asking prices are likely to continue falling in most months throughout the year. Rightmove's forecast still points towards an overall 2% annual decrease in new seller average asking prices by the end of 2023. Despite recent significant increases in mortgage interest rates, buyer demand has not been significantly affected according to...