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Home sellers cut prices as housing market stalls

14 November 2017

Over a third of home sellers in England and Wales have slashed their prices in a bid to attract buyers in the run up to Christmas.

Sellers knocked almost £2,400 ($3,100) off the average asking price of properties as they became more realistic about their valuation, a report released by the group said.

Over a third of United Kingdom home owners trying to sell their house are being forced to cut their asking price, with the number of price cuts at their highest level since 2012, according to property website, Rightmove.

However, with the largest proportion since 2012 of existing sellers at this time of year who have reduced their initial asking prices, it seems many of this month's new sellers are being too optimistic by not discounting by a greater factor than 0.8 per cent, the Rightmove report said.

More than one in three (37 per cent) of properties on the Rightmove property portal are now advertised below their initial asking price.

However, we're confident that when the market springs back to life in January we will see it continue to build momentum, with sellers once again able to price a little higher than they now are, albeit increasing at a slow and steady rate.

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The North East recorded the biggest fall, with prices dropping by 5% over the month to £144,809.

Rightmove director Miles Shipside said some sellers and their agents were over-pricing.

House prices in Britain fell 0.8% compared to the previous month in November, property website Rightmove has said. 'Starting too high and having to reduce the price can result in a property going stale on the market and possible further price reductions later, which no seller wants. The Royal Institution of Chartered Surveyors last week said the overall United Kingdom property market had stalled. By dropping the asking price in increments all you succeed in doing is making your property look stale and unwanted, with none of the surge in viewings that a keen discount can bring.

According to Halifax, confidence in the housing market has fallen to a five-year low amid growing concerns about the UK's economic outlook.

According to commentators, the mass price cut will be seen as further evidence of the market having slowed dramatically, particularly in London where prices have been falling.

Home sellers cut prices as housing market stalls