Home sellers are cutting their prices in a slowing market amid fears about future interest rate rises.
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.
According to Rightmove, which claims to list 90 per cent of the houses being sold in the United Kingdom, 37 per cent of current sellers had dropped their asking price, with a typical 0.8 per cent or £2,392 price reduction.
Cuts to asking prices have hit a five-year high as sellers try to tempt nervous buyers into a transaction.
The only region in to see an increase in prices was Yorkshire and Humber, with a rise of 0.6% to £174,161.
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There have been signs of life returning to the market over the last few months, and so it is likely that some sellers may have jumped the gun a bit and priced a little too optimistically as a result. The average size of reduction between the initial asking price and the final selling price was also 6.3pc.
According to Lucy Pendleton, director of independent estate agent James Pendleton, it is important that vendors move with the market when competition from sellers is stiff and there is negative pressure on prices. However, it's also vital they don't discount their home in dribs and drabs. 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, ' she said.
The Rightmove data adds to evidence of a significant slowdown in the housing market, which has been particularly pronounced in the capital.
According to Halifax, confidence in the housing market has fallen to a five-year low amid growing concerns about the UK's economic outlook.
A separate report by LSL Acadata showed annual house price growth in the United Kingdom slowed to 0.8 per cent last month, the weakest pace since March 2012.
It also warned that those who recently put their property on the market were being too optimistic by not discounting by more.
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