People who are selling their homes in the United Kingdom are being asked to reduce the asking price of their house. This is normally done right before Christmas, but instead homeowners are being asked to reduce their prices now. Rightmove claim that they have 90 percent of the houses in the United Kingdom for sale. The fact that this price cut is happening and will probably continue into the foreseeable future is showing how slow the house market has become, the rising interest rate is no help. Also dropping the price of your house in increments says that your house isn’t wanted.
Key Takeaways:
- Traditionally house sellers are often forced to cut asking prices in the pre-Christmas period but this year the nation appears to be holding a collective autumn sale, said the property website.
- Rightmove, which claims to list 90% of the houses being sold in the UK, said 37% of current sellers had dropped their asking price, with a typical 0.8% or £2,392 price reduction
- The mass price cut will be seen as further evidence that the market has slowed dramatically, particularly in London where prices have been falling.
“More than a third of home owners trying to sell their house have been forced to reduce their asking price, with the number of price cuts at their highest level since 2012, according to Rightmove.”