Small rise in house prices

The month from mid-May to mid-June saw house price growth below expectations, as housing stock increased.

Annual house price growth to June stood at 13.2%. While this is up from last month’s 13.1%, many were expecting house price growth closer to the 15% experienced in March and April.

There has been a sharp increase in housing stock recently, as sellers try to get their homes on the market quickly to avoid the introduction of Home Information Packs.

Miles Shipside, commercial director for Rightmove, said: "More property available is good news for buyers, as sellers that need to sell urgently will have to drop their price.

"Ironically, those that sought to save a few hundred pounds by avoiding home information packs have contributed to a glut of property on the market."

A survey by Rightmove showed that estate agents had recorded an average 10% rise in housing stock, the largest increase since 2004.

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