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Home sellers cut asking prices on 3,000 properties a day
Rightmove said the average asking price reached £371,015 as buyers faced three-year-high mortgage rates and sales agreed fell 8% from a year earlier.
- On Monday, property website Rightmove reported that sellers cut asking prices on more than 3,000 properties a day in September, the highest volume in 15 years.
- Higher mortgage rates reaching three-year highs are placing significant pressure on affordability, forcing sellers in previously resilient markets to adjust pricing downward to match constrained buyer budgets.
- Rightmove data shows average price reductions of nearly 7%, or nearly £21,000, for typical homes; properties requiring cuts take 119 days to sell versus 39 days for single-priced listings.
- National average asking prices rose 1.0% to £371,015 in October, though values remain 'virtually flat' compared to last year. London prices increased 2.5% to £673,942 but remain 1.7% lower annually.
- Buyers remain cautious ahead of finance minister John Healey's budget later this month, with some first-time buyers awaiting details on the First Home Scheme. Propertymark chief executive Nathan Emerson said future stability depends on evolving inflation and interest rates.
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UK housing market showing signs of mortgage rates impact, Rightmove says
·London, United Kingdom
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UK housing stock reaches decade high as prices stagnate
The total number of homes available for sale in the UK has reached its highest level for this time of year since 2014, constraining price growth as sellers contend with elevated mortgage rates. Rightmove's latest data shows average asking prices fell in almost five regions last month, with the typical price remaining broadly flat at £371,015.
Coverage Details
Total News Sources15
Leaning Left2Leaning Right1Center5Last UpdatedBias Distribution63% Center
Bias Distribution
- 63% of the sources are Center
63% Center
L 25%
C 63%
12%
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