The number of homes for sale outnumbers buyers by 15 to every one, according to Rightmove’s House Price Index for June.
The property website’s monthly survey shows that the average house price has fallen from £242,500 in May to £239,564 in June, representing a 1.2% fall.
The figure represents the biggest monthly fall in house prices this year.
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Estate agents’ unsold stock is averaging 75 homes per office, which Rightmove says is a “new record.”
Last month the average was 73 per office.
Miles Shipside, commercial director of Rightmove, said: “Sales are still happening, and there is a pent-up demand for the right properties at the right price.
“The homes that are in special locations, have strong character details or an immaculate finish are still popular if priced realistically.
“Run-of-the mill homes that are not much different to others on the market have to stand out as bargain buys, and badly presented homes have to be really cheap.”
