Homeowners are having to settle for offers below their asking price as the UK housing market continues to slump.
Property website Zoopla predicts that house prices will fall by approximately 5% next year, with the average price agreed in recent weeks dipping 3% below the original prices set by sellers. Zoopla added that throughout most of 2021 into the beginning of 2022, agreed sales mostly matched asking prices.
However, since the start of September, one in nine homes have had their first asking prices reduced by 5% or more, the Guardian reports, with a quarter having their price slashed to some degree. The greatest reduction in asking price has been seen in southern England, where sales have also seen the greatest decline. Almost one in three homes in the south-east and east of England have had their asking prices reduced to attract prospective buyers.
