House prices in Great Britain hit record high but falls predicted this year

Rightmove expects cost of living crisis to have impact on market in second half of year

House prices in Great Britain hit a record high in June but are likely to start falling during the next few months as five interest rate rises and a worsening cost of living crisis finally start to put the brakes on the property market's record-breaking run, according to Rightmove.

The property website said asking prices hit a record for a fifth consecutive month in June, rising by 0.3% - or 1,113 - to reach 368,614. However, this was the smallest monthly increase since January, with the site saying: The exceptional pace of the market is easing a little."