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Home sellers cut asking prices on 3,000 properties a day
Rightmove said the cuts reflect a record seasonal supply and weaker affordability as mortgage rates rise, with reduced homes taking twice as long to sell.
- On Monday, Rightmove reported UK asking prices rose 1.0% month-on-month to £371,015 in October, though values remain "virtually flat" compared to a year earlier.
- Colleen Babcock, property expert at Rightmove, said rising mortgage rates are "really beginning to hit buyers' budgets," forcing sellers in cheaper areas to lower prices despite affordability pressures.
- Sellers cut asking prices on more than 3,000 properties daily in September, the highest monthly volume in 15 years, while total housing inventory reached its highest level since 2014.
- Zoopla data shows agreed sales fell 9% while homes for sale rose 5% compared to a year earlier, reflecting buyers' increased caution amid mortgage rate pressures.
- London bucked the national trend with asking prices rising 2.5% monthly to £673,942, as vendors capitalized on traditional autumn buyer activity before Christmas.
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Surging mortgage rates ‘biting harder’ on fragile housing market
Rising mortgage rates are starting to “bite harder” on the UK’s fragile housing market by forcing sellers to push down asking prices. The average two-year fixed mortgage rate has risen to 5.55 per cent, up from 5.29 per cent last month and 4.25 per cent since before the war in Iran, according to homes portal [...]
·London, United Kingdom
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UK housing market showing signs of mortgage rates impact, Rightmove says
·London, United Kingdom
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Total News Sources22
Leaning Left2Leaning Right1Center6Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 22%
C 67%
11%
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