UK house prices are falling at fastest pace since 2009 on annual basis, reports Halifax
Estate agents report that potential buyers are negotiating house prices down.
Nathan Emerson, CEO of Propertymark, reports that more houses are selling below their asking price:
“House prices are thankfully adjusting to more sensible levels alongside increases to people’s earnings and the number of properties selling below asking price is increasing, offering homebuyers the opportunity to negotiate. These factors are all playing a part in increasing homebuyers’ affordability and softening the blow of rising interest rates.
“However, despite how this may look on the face of things, sellers are rightly still motivated to sell as they continue to make a healthy gain on their property price.”
“With higher interest rates impacting on UK households, property buyers are adopting a more strategic and flexible property search by adjusting their budget or widening their search criteria to find a suitable home.
Although some buyers took a break during the August holidays, others utilised last month to enter price negotiations or seal the deal by signing contracts.”
“Prices continue to soften although they are supported to a degree by the shortage of stock and fewer but more serious buyers.
With so many rate rises, affordability is a concern, especially for those on tighter budgets, often buying smaller properties so the market remains price sensitive.
