New research suggests that right now might be the perfect time to purchase a residential property, thanks to strong supply, waning demand and cuts to asking prices growing increasingly common across the market.
According to new figures from Rightmove, more than a third (37 per cent) of home sellers have reduced their asking prices in recent months in a bid to lure uncertain buyers.
The Telegraph has pointed out that the figure represents the highest proportion of sellers slashing asking prices at this time of year since 2012. This, coupled with waning activity in the market, suggests that right now might be a great time for savvy house hunters to negotiate a great deal on their ideal home.
Rightmove’s data suggests that the average seller has dropped their asking price by approximately £2,392 – or 0.8 per cent – this autumn.
“In the run-up to the festive season, many sellers are trying to tempt distracted buyers to look at their property by dangling the bauble of more attractive pricing, given the quieter time of year and more difficult market,” said Miles Shipside, Director and Housing Market Analyst at Rightmove.
He said that the market had been “price-sensitive” for a while and that the trend in sellers slashing prices was likely to continue amid uncertainty in the market regarding future interest rate rises and wider political concerns.