Home sellers cut asking prices on 3,000 properties a day
Summary
In Britain, home sellers reduced asking prices on over 3,000 properties daily in September, the highest level in 15 years. This is mainly because there are many homes for sale, mortgage rates have risen, and buyers are more careful with their budgets.Key Facts
- On average, more than 3,000 UK properties had their asking prices cut each day in September.
- The number of price cuts in September was the highest monthly total for 15 years.
- Nearly 7% was the average price reduction, equal to about £21,000 off a typical home.
- Homes with reduced prices took about 119 days to sell, compared to 39 days for homes listed at one price.
- About 34% of listed homes had price cuts in September, close to the 36% peak earlier in 2023.
- Mortgage rates are at a three-year high, making buyers more cautious and selective.
- The number of homes for sale was 5% higher than last year, but sales agreed fell 9% over the same period.
- Many properties that returned to the market had lower prices but often took longer to sell.
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