High mortgage rates forcing sellers to accept lower offers on homes – Zoopla

Zoopla says current higher rates will result in a 10-20% hit to buying power compared with when they were at 4%. Photograph: Andrew Matthews/PA

Soaring mortgage rates and the cost of living crisis are forcing more sellers to accept lower offers to secure a property sale, according to Zoopla.

The property website latest house price index showed that 42% of sellers were accepting discounts of 5% or more on the asking price of their home in the week ending 18 June – the highest level since 2018 – as buyers are driving a harder bargain.