- Reuters / Hannah McKay
- More than four in ten London home sellers are cutting asking prices, says Rightmove
- The property website said the cuts were driven by said was driven by “initial over-optimism and a tougher market.”
LONDON – More than four in ten London home sellers are cutting asking prices as the capital’s housing market continues to slump, according to a Rightmove report.
The property website said on Monday sellers were cutting asking prices by an average 6.7%. The report said the cuts were driven by “initial over-optimism and a tougher market.”
House prices continue to grow nationally but have fallen in London this year, and Rightmove director Miles Shipside said a recent interest rate hike and a prediction of further price falls could lead to bigger price cuts in future.
Rightmove said a drop in new seller asking prices has been the norm in the run-up to Christmas, with falls recorded in six of the last seven years, but this month’s figure is the highest since 2010.
“Buyer demand has cooled and to warm up their interest both new-to-the-market sellers and those already on the market need to tempt them on price,” said Shipside.
“The effect is an impromptu autumn sale with the largest proportion of sellers on the market having reduced their initial asking prices at this time of year since 2010.”