Rightmove reports that 34% of UK homes are experiencing price reductions, marking a notable shift in the housing market dynamics. The average time to secure a buyer is 62 days, as increased inventory gives buyers more negotiating power. The recent interest rate cut by the Bank of England is expected to bolster market confidence moving forward. Although sales in July were strong, due to strategic pricing, some sellers continue to overprice their homes, leading to necessary reductions to facilitate sales.
34% of UK homes are seeing a reduction in price, the highest for this period since 2012, indicating a two-speed property market.
The average time to find a buyer in the UK is currently 62 days, with sellers needing to price attractively due to high supply.
Colleen Babcock of Rightmove indicates that buyers have more leverage in this high-supply market, making a competitive price critical for sellers.
Despite overall conditions improving, many sellers still list homes at too high a price, necessitating reductions to compete in the market.
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