UK House Prices Rise in June – Rightmove

Rightmove, UK-based property agency, published its latest House Price Index tonight, on June 20th.

According to the company's estimates, sellers have raised house prices by 0.6% in June. This marks the 6th consecutive month of rises in property values. At the moment, an average property in Great Britain is priced at 240,394 pounds, which is 1.1% more than in June 2010.

However, despite such a rise in prices, the number of properties that remained unsold grew significantly. This led Rightmove experts to a conclusion that property values will fall in the near future as supply definitely outstrips the demand. Commenting on the trend, Mr. Shipside of Rightmove said: "As the seasonal surge in demand begins to fall back, new sellers' asking prices will also have to ebb away." He expects house prices to decrease by up to 7% in the next 6 months.

The house price index by Rightmove was compiled on the basis of a thorough analysis of 142,712 asking prices put on sale by estate agents from May, 8 to June, 11.