UK house prices still at 'record high' as market remains 'steady'

House prices have been flat in recent weeks but the market overall remains "steady", according to new figures from a leading property website.

Rightmove said there was 0% growth in the four weeks to 8 June, compared with the previous month.

The average price of a property coming to the market was £375,110 during the period - a statistically insignificant drop of £21 from May's record high of £375,131.

It said year-on-year prices were up 0.6%.

Despite the stagnant figures, Rightmove said market activity had "remained largely steady".

The property website also said the upcoming general election appeared to have had a limited impact, as most buyers and sellers had continued with their plans after it was called.

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Separate figures from lenders in recent months have suggested that prices have been flat or been rising slightly since the start of the year.

Commentators say ongoing affordability pressures, such as high mortgage rates, have hit demand - but they expect prices and activity to pick up as the year progresses.

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A Rightmove spokesperson said its figures suggested that "activity is largely remaining stable" despite the general election being called.

They added: "The number of sales being agreed and the number of buyers sending enquiries to agents remain steady, with the vast majority of those already in the home-moving market continuing with their plans.

"One exception is possible election caution among some would-be sellers, which is most pronounced for those at the typically more discretionary top end of the market, some of whom appear to be pausing their plans to see how the next few weeks unfold."

Nathan Emerson, chief executive of estate agents' body Propertymark, said: "It's extremely positive to see stability within the housing market and despite a challenging period of high inflation and elevated interest rates, we are witnessing people approach the market with growing confidence."

He added that a cut in interest rates would help drive demand by potentially unleashing a "raft of competitive mortgage deals".

It comes ahead of the Bank of England's latest decision on the issue this Thursday lunchtime.

However, most commentators do not believe the Bank will reduce interest rates just yet, and expect them to instead be held at 5.25% for a seventh consecutive time.