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Property price rises starting to slow down

House prices are rising more gradually as the market starts to cool down, according to property website Rightmove.co.uk.

Its says the average asking price rose to £155,000 at the end of May before falling to around £149,000 at the start of June, due partly to the World Cup and Golden Jubilee.

During July, average asking prices rose to between £152,000 and £155,000.

By tracking asking prices for new instructions coming on to the market through its member estate agents, which it claims account for 30 per cent of the housing market, Rightmove says it can predict future price changes.

Later this month, it is launching its real-time property report showing trends in asking prices and the volume of properties coming on to the market.

Housing market expert Miles Shipside says: “Our data shows average asking prices falling slightly around the start of June. From then on, prices have risen more gradually than in some recent months, reflecting a natural cooling down of the boom market.”

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