British home sellers slash asking prices at 15-year high

Vocabulary

Article

More than 3,000 British properties had their asking prices reduced each day during September, the highest monthly rate in 15 years according to property website Rightmove. The average reduction was nearly 7 percent, equivalent to roughly £21,000 per home. This surge reflects two underlying conditions: an unusually large inventory of homes competing for buyers, and sellers initially pricing properties at unrealistic levels. Rising mortgage rates, now at three-year highs, have constrained buyer purchasing power and forced households to work within tighter budgets, fundamentally shifting market dynamics.