Sellers accept discounts in late 2023

Last November, home sellers were accepting offers that were an average of 5.5% less than the initial asking price* – the highest discount in five years.

Property portal Zoopla attributed these price cuts to higher mortgage rates which were deterring potential buyers. Sellers therefore lowered their prices to make homes more affordable, with 1 in 4¹ taking offers 10% less than advertised.

 

Richard Donnell, Executive Director of Research at Zoopla, was hopeful that things will improve for sellers. He commented, “as more sellers adjust asking prices lower, we expect these discounts will start to return to normal levels of 3-4%.”

 

If you’re looking to buy or sell a home this year, get in touch for advice.

 

Your home may be repossessed if you do not keep up repayments on your mortgage.
* Zoopla

 

11 March, 2024

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