Asking prices for homes in the UK have fallen at their fastest rate for the month of June in 14 years, according to new data from property website Rightmove.

During the period from May 11 to June 7, average asking prices dropped by 0.3%, bucking the usual seasonal trend of a 0.4% increase. This marks the steepest June decline since 2011.

Colleen Babcock, a property expert at Rightmove, attributed the drop to an unusually high number of homes on the market and the delayed impact of recent stamp duty hikes in England.

Despite the monthly dip, asking prices were still 0.8% higher than a year ago — the slowest annual growth since August 2024 — bringing the average asking price to £378,240 ($514,255).

While prices are cooling, more realistic pricing appears to be boosting sales. The number of homes sold has reached its highest level in over three years, according to Rightmove.

The broader housing market has also shown signs of slowing. Bank of England figures revealed that mortgage approvals fell to a 13-month low in April.

The Bank of England is widely expected to keep interest rates steady on June 19, with markets anticipating two potential quarter-point cuts before year-end.

Official economic data also showed a sharp slowdown in April, partly due to the expiration of a property tax break and global market jitters following U.S. President Donald Trump’s announcement of new tariffs.

Rightmove noted that southern England, where homes tend to be pricier, experienced the largest declines in asking prices — a reflection of how tax changes are hitting higher-value areas harder.