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.
23 Articles
23 Articles
Sellers in the UK reduced the asking price of more than 3,000 properties a day on average in September. This is the highest number in a single month for 15 years, according to data from Rightmove, provided to the BBC. The high number of adjustments is linked to a surplus of homes on the market and sellers' expectations that do not match actual demand. The proportion of properties listed that are subsequently reduced peaked in 2023 and remains re…
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 [...]
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