The average price declined 0.6% – down £2,113 – this month to £376,191, leaving prices 0.5% below a year ago

Property prices have slumped to the biggest fall in 14 years this month, the latest Rightmove data reveals.

The average price declined 0.6% – down £2,113 – this month to £376,191, leaving prices 0.5% below a year ago.

Rightmove says the number of homes for sale remains at historically high levels for this time of year, driving price falls.

May’s unusually hot weather kick-started summer earlier than usual, while the World Cup may prove to be a distraction for home-movers, the portal warns.

Matt Smith, Head of Mortgages at Rightmove, says there is some good news: It’s encouraging to see mortgage rates edging down slightly, and even relatively small reductions can make a difference to buyers’ budgets.

He said: While rates remain higher than the lows of recent years, they have been relatively stable over a sustained period, which is helping to provide more certainty for those planning a move.

Last week, Rightmove reported that buyer demand rebounded after a lull created by the heatwave during the half-term holiday.

Enquiries declined 8% in one week at the end of May as the temperatures soared, but surged again, it said.

It went on to add that the number of potential buyer queries is still lower than last year, but remains stable in line with the trends so far this year.

Meanwhile, ongoing economic challenges and global uncertainty remain, Rightmove says.

The number of newly-listed homes coming to market is down 5% compared with this time last year, but is 6% up on 2024 and 12% higher than 2023​.