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New research suggests that homebuyers could benefit from falling prices


According to Rightmove, more than a third of home owners have reduced their asking price, with a number of price cuts at their highest level since 2012

The research suggests that home sellers are being unrealistic and over pricing when first listing their property. It’s key to note however, that a drop in new seller asking prices are normal for this time of year, with the run-up to Christmas.

Rightmove boasts to listing 90% of the houses being sold in the UK and according to their figures, 37% of current sellers have dropped their asking price with a typical 0.8% or £2,393 price reduction. This cut shows how the market has slowed, particularly in London where prices have been falling.

Miles Shipside, the director of Rightmove, suggests larger reductions in house prices in the future; especially with the recent interest rate rise and the slowdown in the property market.

The Royal Institution of Chartered Surveyors, Rics, said that the overall property market has halted in the UK. Rics also mentioned that the market is expected to remain flat and fall in most regions.

According to Halifax, property values increased 2.3% between August and October; being the fastest three-month growth recorded since January. They also said that the annual house price inflation of 4.5% last month saw a typical home hit £225,826, being another record high.

Image Credit: Homes Partnership

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