House prices dipped in June as rising mortgage rates made it increasingly difficult for cash-strapped first-time buyers to secure home loans, according to new figures published today.
Asking prices dropped by 0.4% in June after four consecutive monthly rises, figures from Rightmove, the property website show.
The asking price for the average home dropped by more than £1,000 to £226,436. However asking prices are still 6 per cent higher than the beginning of the year.
A shortage of property for sale has supported prices in recent months, but Rightmove says that, as mortgage lenders increase their rates and continue to demand large deposits from first-time buyers, sellers are being forced to price their homes more competitively to attract interest.
Financial Times, The Times