Proportion of UK house sellers cutting asking price reaches ‘highest in over a decade’

Rightmove said a combination of rate rises and lower activity over the summer holidays had caused sellers to lower asking prices. Photograph: Roger Bamber/Alamy

UK house sellers are cutting their asking prices at the fastest rate in more than a decade, after high interest rates dampened demand for property this summer.

The proportion of homes on the market which have had at least one price reduction is at its highest level since January 2011, the property website Rightmove has reported.