A third of the houses on the market have had their prices reduced
The share of homes on the market that have had their prices reduced is at the highest level in more than a decade.
More than a third of homes (36.3 percent) currently for sale have had at least one price reduction, according to property website Rightmove – the highest figure since January 2011.
Downsizing: More than a third of homes currently for sale have undergone at least one price reduction
The average size of the price reduction is also the highest since 2011, at 6.2 percent.
When this reduction is applied to the average asking price, which was £366,281 in September, it equates to a typical price reduction of £22,709, Rightmove revealed.
But Rightmove said there are signs that activity is starting to pick up, with the number of new properties coming onto the market up 12 per cent in the first week of September.
“It’s been a slower than normal August, so all eyes will be on market activity in the coming weeks, which will set the trend for the rest of the year,” said Tim Bannister, director of property sciences at Rightmove.