Growth in UK house prices slowed this month as more and more people put their homes up for sale, according to property website Rightmove.
The company revealed that the average cost of a property in England and Wales rose by just 0.3 per cent in the five weeks to June 12, compared to a 0.7 per cent jump in asking prices during the previous month.
While the 0.3 per cent increase represents the sixth consecutive month-on-month rise, the figure is a significant drop from the 2.6 per cent gain seen during April.
The slowdown in house price growth coincided with a 22 per cent hike in the number of sellers entering the market, following the government’s decision to scrap the controversial home information packs (Hips).
According to Rightmove, property prices in England and Wales have jumped by 7.4 per cent since the start of the year and are currently 5 per cent higher than they were time last year, while the number of homes on the market has increased by 56 per cent year-on-year.
However, the group said it expects the average value of homes to fall over the next six months as Government measures to reduce the budget deficit also "disrupt the fragile housing recovery".
The firm’s commercial director, Miles Shipside, said: "The continuing mortgage famine has now been joined by a surge in sellers following the abolition of HIPs and investor reticence driven by rumours of CGT increases."
"Together, these factors are likely to put an end to this year’s recovery in house prices."
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House Price Growth Hit By Increase In Sellers Wed, 23 Jun 2010
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