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.
“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.