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Sixth price record set but market cooling says Rightmove

The price of a property being listed on the market hit a sixth consecutive record month in June, up 0.4% in the month to £369,968, according to Rightmove.

A continuing desire to move and low numbers of homes for sale are driving further price growth even at a time when personal finances are becoming increasingly stretched. Buyer demand continues to exceed historically normal levels and is now 26% higher than at the same time in 2019, although down 7% on June 2021.

There are signs of the seriously depleted stock situation improving, with the number of sellers up by 13% compared with this time last year, but the number of available homes for sale is still 40% down on where it was in 2019. This significant shortfall from more normal stock levels will help to underpin prices this year, as there are simply not enough homes coming to market to correct the balance between supply and demand. 

The slow rate of stock recovery has led to Rightmove revise its 2022 price forecast, with 7% annual growth now expected by the end of the year across Great Britain, up from the 5% it had forecast at the start of the year.

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