UK house prices fell slightly by 0.4% in June, following stronger-than-expected rises of 0.6% in May and 1.4% in April, according to Rightmove. The average asking price now stands at £378,240.

The drop is unusual for June, which typically sees prices rise by around 0.4%, but Rightmove suggests it reflects a delayed reaction to the recent stamp duty threshold changes, which triggered a surge in activity earlier in the spring.

Despite the dip, sales activity remains strong, with agreed sales in June 6% higher year-on-year, the busiest month for sales since March 2022.

Rightmove’s Colleen Babcock noted that a record number of homes are currently for sale and that sellers are beginning to price more competitively, which is proving crucial in finding buyers.

Year-on-year, house prices were up 0.8% in May, showing overall market resilience despite recent tax changes.