Asking prices for UK homes show biggest June fall since 2011, Rightmove says
By Suban Abdulla
LONDON (Reuters) -Asking prices for homes put up for sale in Britain have fallen by the most in 14 years for the time of year, according to data published on Monday that adds to signs of softer pricing after the end of a tax break on house sales.
Prices dropped by 0.3% compared with a month earlier in Rightmove's June period, which ran from May 11 to June 7. This was the biggest drop since June 2011 and compared with a typical 0.4% rise for the period, the property website said.
"It appears that we're now seeing the decade-high level of homes for sale, and the recent stamp duty increases in England, have a delayed impact on new sellers' pricing," Colleen Babcock, property expert at Rightmove, said.
Asking prices were 0.8% higher than a year earlier, the smallest annual rise since August 2024, leaving the average asking price at 378,240 pounds ($514,255).
However more competitive pricing was helping sales activity, and the number of agreed sales had risen to the highest in more than three years, Rightmove said.
Other measures of Britain's property sector have shown a slowdown, and Bank of England data showed mortgage approvals in April dropped to their lowest in more than a year.
The BoE is expected to keep interest rates on hold on June 19, and financial markets are pricing in around two more quarter-point rate cuts by the end of this year.
Official figures also showed the economy slowed sharply in April due to a one-off hit from the end of a tax break on property sales, and shockwaves from U.S. President Donald Trump's announcement of wide-ranging tariffs.
Rightmove said homes in southern England, which are typically more expensive and were more affected by the increase in property taxes, saw bigger price drops.
($1 = 0.7355 pounds)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Associated Press
21 minutes ago
- Associated Press
Wolters Kluwer to join industry leaders at Risk Live Europe
LONDON--(BUSINESS WIRE)--Jun 16, 2025-- Wolters Kluwer Finance, Risk and Regulatory Reporting (FRR) is set to join the conversation at Risk Live Europe 2025, one of the year's key gatherings for senior risk professionals. Held June 17-18 at Convene Sancroft, St Paul's, London, the event will bring together more than 600 senior risk professionals from across the financial services sector to tackle the urgent questions shaping today's credit, market, liquidity, and operational risk landscape. Francis Lacan, Director of Product Management at Wolters Kluwer FRR, will speak on a panel titled 'Our golden age has just begun: MAGA's mercurial markets' on Tuesday, June 17, at 11:40 a.m. BST. He will join thought leaders from Citi, State Street, and Thematic Markets to unpack the limitations of traditional risk models, explore the realities of volatility, and share strategies for managing the ripple effects of global instability. The FRR team will also be on site to showcase OneSumX – the award-winning platform for finance, risk management, and regulatory reporting. Built to power advanced risk analytics and compliance across jurisdictions, OneSumX gives institutions the tools to stay ahead of shifting requirements and rising stakeholder expectations. Wolters Kluwer experts will be available throughout the event to discuss how institutions can enhance transparency, strengthen risk frameworks, and adapt confidently in real time. The conference wraps up on June 18 with the prestigious Risk Technology Awards, celebrating the year's standout innovations in risk and technology. 'Risk Live Europe is where real conversations happen,' said Jeroen Van Doorsselaere, Vice President of Global Product and Platform Management, Wolters Kluwer FRR. 'It brings together people who are deep in the challenges of risk management—navigating everything from interest rate and market volatility and liquidity constraints to climate risk and shifting regulatory expectations. We're looking forward to sharing how our technology helps firms respond with more agility and confidence, and just as importantly, learning from others in the room. Events like this help push the entire industry forward.' Wolters Kluwer Finance, Risk and Regulatory Reporting is part of Wolters Kluwer's Financial & Corporate Compliance (FCC) division, which provides a wide range of technology-enabled lending, regulatory and investment compliance solutions, corporate services, and legal entity compliance solutions. About Wolters Kluwer Wolters Kluwer (EURONEXT: WKL) is a global leader in information, software solutions, and services for professionals in healthcare, tax and accounting, financial and corporate compliance, legal and regulatory, corporate performance, and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with technology and services. Wolters Kluwer reported 2024 annual revenues of €5.9 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 21,400 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands. For more information, visit and follow us on LinkedIn, Facebook, YouTube, and Instagram. View source version on CONTACT: Media Contact David Feider Associate Director, External Communications Financial & Corporate Compliance Wolters Kluwer Office +1 612-246-9454 [email protected] KEYWORD: EUROPE IRELAND UNITED KINGDOM NETHERLANDS INDUSTRY KEYWORD: TECHNOLOGY FINANCE FINTECH BANKING OTHER TECHNOLOGY ACCOUNTING PROFESSIONAL SERVICES SOFTWARE DATA ANALYTICS SOURCE: Wolters Kluwer Copyright Business Wire 2025. PUB: 06/16/2025 04:05 AM/DISC: 06/16/2025 04:03 AM
Associated Press
21 minutes ago
- Associated Press
Polar Supports Crusoe's AI Growth With New High-Performance Data Center
Strategic partnership reinforces Polar's commitment to sustainable infrastructure and advanced digital capacity 'This collaboration with Crusoe reflects what Polar does best, delivering world-class sustainable infrastructure'— Andy Hayes, CEO LONDON, UNITED KINGDOM, June 16, 2025 / / -- Polar, a leader in high-density, sustainable data center infrastructure, today announced the latest milestone in its ambitious European expansion plans: a strategic partnership with Crusoe to deliver next-generation AI infrastructure at a new 12MW facility (DRA01) in Norway. The state-of-the-art facility, powered entirely by hydroelectric energy represents a new standard in performance and minimizing environmental impact. DRA01 will host Crusoe's scalable platform for advanced AI workloads, serving customers across Europe and beyond. The partnership marks a significant step forward in Polar's mission to build a new generation of sustainable data centers. With development efforts already underway in several key European markets, Polar is rapidly growing its footprint to meet surging demand from AI and high-performance computing. 'This collaboration with Crusoe reflects what Polar does best, delivering world-class sustainable infrastructure,' said Andy Hayes, CEO of Polar. 'We are proud to power Crusoe's expansion in Europe and look forward to supporting their continual growth with efficient, resilient and renewable-powered data centers.' Polar's Norwegian facility is optimized for GPU workloads, offering high-density rack configurations, robust energy efficiency and cutting-edge cooling technology. The 12MW deployment will be ready for service later this year and has the option to scale up to 52MW. 'Partnering with Polar brings Crusoe Cloud's cutting-edge AI infrastructure directly to abundant, clean hydroelectric power. This allows our European customers to run their AI workloads with unparalleled performance without sacrificing their commitments to environmental responsibility,' said Chris Dolan, chief data center officer, Crusoe. Engineered specifically for next-generation AI applications, the Polar facility features advanced liquid cooling systems and high-density rack configurations supporting up to 115kW per rack. These cutting-edge capabilities will enable Crusoe to deploy and scale its cloud platform efficiently in an environmentally responsible way. About Polar Polar develops and operates sustainable, high-performance data centers designed for AI and high-density computing. Powered entirely by renewable energy, Polar's facilities combine advanced engineering with environmental responsibility to meet the evolving needs of hyperscale, enterprise, and cloud-native clients across Europe. About Crusoe Crusoe is on a mission to align the future of computing with the future of the climate. Crusoe provides a reliable, scalable, cost-effective, and environmentally friendly solution for AI infrastructure by harnessing large-scale clean energy, building AI-optimized data centers, and empowering builders to reach their AI potential. Crusoe is empowering the AI revolution. Nigel Stevens Polar DC +44 7968 585590 email us here Visit us on social media: LinkedIn Legal Disclaimer: EIN Presswire provides this news content 'as is' without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
CNET
24 minutes ago
- CNET
30-Year Fixed-Rate Mortgage Pushes Higher: Today's Mortgage Rates for June 16, 2025
Check out CNET Money's weekly mortgage rate forecast for a more in-depth look at what's next for Fed rate cuts, labor data and inflation. Even though experts predict mortgage rates will slowly go down, buying a home is still too expensive for most people. The average 30-year fixed rate has remained close to 7% for the last seven months, leading to cost-prohibitive monthly payments. The average for a 30-year fixed mortgage is 6.89% today, up 0.02% since one week ago. The average rate for a 15-year fixed mortgage is 6.06%, which is a decrease of -0.02% compared to a week ago. Rising home prices and skyrocketing homeownership expenses, like insurance and property taxes, further compound the financial pressure on borrowers. Median family income has not kept pace with the surge in housing costs, requiring many households to earn double or triple their salary to afford a modest home in some cities. Meanwhile, the "lock-in" effect, where current homeowners with low-rate mortgages are reluctant to sell and take on higher interest rates, has kept housing inventory tight and fueled price competition in high-demand areas. Despite the possibility of Federal Reserve interest rate cuts later this year due to an economic slowdown, the relief for homebuyers would likely be minimal. The looming threat of a job-loss recession is already prompting more households to cut back on spending take on less financial risk. When mortgage rates start to fall, be ready to take advantage. Experts recommend shopping around and comparing multiple offers to get the lowest rate. Enter your information here to get a custom quote from one of CNET's partner lenders. About these rates: Bankrate's tool features rates from partner lenders that you can use when comparing multiple mortgage rates. Are mortgage rates considered high right now? The last few months have seen mortgage rates navigate a bumpy course. Persistent inflation, the looming threat of a global trade war and escalating recession fears have all contributed to an uncertain economic outlook. As a result, the Fed has adopted a wait-and-see approach when it comes to interest rate adjustments. After cutting borrowing costs three times last year, the central bank is keeping borrowing costs at their current range so far in 2025. Experts predict the Fed will hold rates steady again at its upcoming meeting on June 17-18. If President Trump eases some of his aggressive tariff measures or if the labor market deteriorates, it could prompt the Fed to resume easing interest rates in the fall, which would put downward pressure on bond yields and mortgage rates. Still, experts caution that significant market volatility is likely. As a result, homebuyers are adopting a more patient and strategic approach to financing, comparing various loan types and planning ahead. "Some are waiting, others are getting pre-approved now so they're ready to act if rates fall," said Jeb Smith, licensed real estate agent and member of CNET Money's expert review board. For a look at mortgage rate movement in recent years, see the chart below. What is the outlook for mortgage rates in 2025? Despite hopes that 2025 would bring relief to the housing market, concerns over a potential recession and uncertain trade policies have kept longer-term bond yields and mortgage rates high. Mortgage rates primarily take their cues from the 10-year Treasury yield, which reflects investors' collective expectations regarding inflation, labor market health, upcoming monetary policy shifts and the impact of global factors like tariffs. If investors anticipate persistently high inflation or significant government borrowing, they'll demand higher returns on their bonds, which in turn keeps mortgage rates elevated. "Rates could fall if inflation keeps cooling and the labor market softens," said Smith. "On the other hand, tariffs could create new inflation pressure. Add in government deficits and increased bond supply, and that puts upward pressure on rates." In short, it will be difficult for mortgage rates to drop below 6% without the risk of a job-loss recession. Fannie Mae now expects rates around 6.1% by the end of 2025 and 5.8% by the end of 2026. According to Smith, mortgage rates could move lower slowly and steadily, but numerous risks could keep rates elevated. What are the different mortgage types? Each mortgage has a loan term, or payment schedule. The most common mortgage terms are 15 and 30 years, although 10-, 20- and 40-year mortgages also exist. With a fixed-rate mortgage, the interest rate is set for the duration of the loan, offering stability. With an adjustable-rate mortgage, the interest rate is only fixed for a certain amount of time (commonly five, seven or 10 years), after which the rate adjusts annually based on the market. Fixed-rate mortgages are a better option if you plan to live in a home in the long term, but adjustable-rate mortgages may offer lower interest rates upfront. 30-year fixed-rate mortgages For a 30-year, fixed-rate mortgage, the average rate you'll pay is 6.89% today. A 30-year fixed mortgage is the most common loan term. It will often have a higher interest rate than a 15-year mortgage, but you'll have a lower monthly payment. 15-year fixed-rate mortgages Today, the average rate for a 15-year, fixed mortgage is 6.06%. Though you'll have a bigger monthly payment than a 30-year fixed mortgage, a 15-year loan usually comes with a lower interest rate, allowing you to pay less interest in the long run and pay off your mortgage sooner. 5/1 adjustable-rate mortgages A 5/1 adjustable-rate mortgage has an average rate of 6.18% today. You'll typically get a lower introductory interest rate with a 5/1 ARM in the first five years of the mortgage. But you could pay more after that period, depending on how the rate adjusts annually. If you plan to sell or refinance your house within five years, an ARM could be a good option. Calculate your monthly mortgage payment Getting a mortgage should always depend on your financial situation and long-term goals. The most important thing is to make a budget and try to stay within your means. CNET's mortgage calculator below can help homebuyers prepare for monthly mortgage payments. How can I find the best mortgage rates? Though mortgage rates and home prices are high, the housing market won't be unaffordable forever. It's always a good time to save for a down payment and improve your credit score to help you secure a competitive mortgage rate when the time is right. Save for a bigger down payment: Though a 20% down payment isn't required, a larger upfront payment means taking out a smaller mortgage, which will help you save in interest. Boost your credit score: You can qualify for a conventional mortgage with a 620 credit score, but a higher score of at least 740 will get you better rates. Pay off debt: Experts recommend a debt-to-income ratio of 36% or less to help you qualify for the best rates. Not carrying other debt will put you in a better position to handle your monthly payments. Research loans and assistance: Government-sponsored loans have more flexible borrowing requirements than conventional loans. Some government-sponsored or private programs can also help with your down payment and closing costs. Shop around for lenders: Researching and comparing multiple loan offers from different lenders can help you secure the lowest mortgage rate for your situation.
