Price cutting is becoming the new norm as the market adapts to reduced demand according to Home.co.uk

Latest Home.co.uk Asking Price Index report – October 2018 headlines ‘Price cutting hits 7-year high as vendors’ patience wanes’.

The report reveals that overall, supply of property for sale in the UK is up by 6% and the total stock for sale has increased by 10.7% year-on-year.
In October 2017, the annualised rate of increase of home prices was 3.3%; today the same measure is just 0.6% and is trending to zero (and below).

Slower housing market conditions have triggered the classic response from sellers. Price cutting is becoming the new norm as the market adapts to reduced demand, according to Home.co.uk October Asking Price Index.

Doug Shephard, Director at Home.co.uk, said:

“The market correction is now well underway. This month another key region, the East of England, joined the year-on-year negative club and the South West is applying for membership.

“Looking at the 7-year growth figures, it appears that London and the East of England have the furthest to fall in this downturn, having notched up ludicrous growth of 53% and 48% respectively.” more……

Read the Home.co.uk Asking Price Index report October 2018 in full click here.

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Breaking News

Halifax House Price Index for August

UK house prices edge up to hit two-year high   House prices in August 2024 were 4.3% higher than the same month a year earlier. House prices increased by +0.3% in August, after +0.9% rise in July Year-on-year prices are up +4.3%, the strongest rate since November 2022 Higher annual growth largely reflects the base…
Read More
Breaking News

Nationwide House Price Index for August

Annual house price growth edged higher in August   UK house prices fell 0.2% month on month in August Annual growth rate picked up to 2.4%, from 2.1% in July Fastest pace of annual growth since December 2022 Energy efficiency becoming more important in influencing what buyers will pay for a home   Headlines Aug-24…
Read More
Breaking News

Rightmove Points to Worsening Crisis in Private Rented Sector

Responding to data published today by Rightmove suggesting that the number of former rental properties up for sale is now at its highest level on record, Chris Norris, Policy Director for the National Residential Landlords Association, said: “Today’s data will be a serious concern for all those renters struggling to find somewhere to call home. …
Read More
Rightmove logo
Breaking News

Record levels of former rental homes for sale

The proportion of former rental properties moving into the sales market is at its highest on record, indicating more landlords are selling up, some potentially driven by the mooted increase in Capital Gains Tax in the Autumn Statement on 30th October: 18% of properties now for sale were previously on the rental market, compared with…
Read More
Rightmove logo
Breaking News

Rightmove’s weekly mortgage tracker 4th September 2024

The lowest available 5-year fixed rate mortgage is now 3.77% (for 60% LTV), which is the lowest a five-year fixed rate has been since before the mini-Budget in September 2022. Other key points this week include the average 5-year fixed mortgage being a full 1.0% lower than last year, and the average 60% 5-year rate…
Read More
Breaking News

Breaking Property News 04/09/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Property Technology in the UK: Trends, Growth, and Challenges Proptech, (Property Technology), having exploded in the UK in 2017 with 60% of new startups in the sector clambering to be the next big thing – is seven years on now maturing. All the hype…
Read More