More than 40% of home sellers in London forced to drop prices to make sales
The proportion of London home sellers dropping their asking price is rising as the property market slumps further. With more than four in 10 revising lower, the average price cut of 6.7% reflects "initial over-optimism and a tougher market," Rightmove said in a report published Monday. New vendors coming to the market in November are also reducing their expectations, albeit more modestly, with a 0.2% decline from a month earlier to £628,219. That’s an annual drop of 2.4% — a far cry from growth of more than 20% in 2014. "Buyer demand has cooled and to warm up their interest both new-to-the-market sellers and those already on the market need to tempt them on price," said Rightmove director Miles Shipside. "The effect is an impromptu autumn sale with the largest proportion of sellers on the market having reduced their initial asking prices at this time of year since 2010." While London has been worst affected by the cooling of UK housing, the rest of the country is also seeing widespr...
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