UK Property News

// Homeowners slash house prices in largest-ever summer sale – Telegraph

Asking prices have fallen steeply this summer as sellers slash their expectations in the face of dampening demand for new homes.

The price tag on the average UK property coming to market dropped by 2.9pc in the first half of August, the biggest summer fall ever recorded by the UK’s largest property website, Rightmove.

Vendors, who have been trying to cash in on record high values, are now discounting to attract buyers who have been deterred by talk of interest rate rises and the eradication of cheap mortgages.

A glut of sellers coming to the market – there has been an 8pc increase in the number of homes up for sale compared with August last year – and a drop in buyer demand has driven down asking prices and tipped the UK into a buyers’ market.

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