A third of homes for sale have seen their prices reduced
The proportion of homes on the market whose prices have fallen sharply is at its highest level in more than ten years.
According to property website Rightmove, more than a third of properties currently for sale (36.3 per cent) have had at least one price reduction (the highest figure since January 2011).
Discount: More than a third of the properties currently for sale have had at least one price reduction
The average size of the price cut is also the highest since 2011, at 6.2 percent.
When this reduction is applied to the average asking price, of £366,281 in September, this equates to a typical price cut of £22,709, Rightmove revealed.
But Rightmove said there are signs activity is starting to recover, with the number of new properties coming to the market rising 12 per cent in the first week of September.
“It’s been a slower-than-usual August, so all eyes will be on market activity over the next few weeks, which will set the trend for the rest of the year,” said Tim Bannister, director of real estate science at Rightmove.