UK property sellers cut asking prices at sharpest pace this year

Asking prices reflect the bartering buyers and sellers go through to reach an agreed price and often track the figures reported weeks later by lenders. The Land Registry is the most authoritative measure of prices on completed deals but lags Rightmove and figures from the lenders by several months.Policy makers are struggling to contain inflation that remains more than triple the 2 per cent target.

Rightmove said the drop in asking prices was most marked among sellers at the top of the housing ladder – those in detached four-bedroom houses or homes with five bedrooms or more. Those suffered a 3.4 per cent plunge in asking prices. First-time buyer properties fell by 0.9 per cent. The number of sales by Rightmove’s measure is now 15 per cent below pre-pandemic levels in 2019. That reflects a drop in buyer interest and a 10 per cent fall in the number of properties on the market.

Asking prices are now 2 per cent, or £8000, below the peak in May but 19 per cent higher than they were four years ago in August 2019. “It really is a two-speed market right now,” said Vicki Foreman, associate partner at Norfolk-based estate agent Brown“Homes which are overpriced compared to local trends really stand out from the crowd for the wrong reasons and have the real risk of going stale. On the other side, there is still a healthy level of buyer interest for well-priced new instructions.”

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