Unsold stock hits record levels

The average level of unsold stock per agency branch has increased from 73 to 75 properties, according to Rightmove’s House Price Index for June. It is the highest level the property portal has ever recorded for June.

Year-on-year, the number of unsold properties, which relate to Rightmove members’ stock, rose 14%, from 66.

The Index, which was published on Monday, reveals that average house prices have declined further, to £239,564, which compares with £242,500 last month and £239,317 in June 2007.

Within London, Hounslow suffered the greatest monthly price falls, with the average price now at £425,708, compared with £445,120 in May.

Islington was the best performer, with the average price at £557,662 this month, up from £549,748 in May.

Semi-detached houses have experienced the greatest year-on-year price fall of 1.4% this month, down to £204,167 from £207,751 last year.

All other property types experienced the same fall of 0.1%.

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