Homeowners are having to knock as much as £20,000 off their asking price in an effort to find a buyer, housing insiders have revealed.
Figures published by Halifax on Friday showed there has been a 2.6 per cent fall in house prices across the UK in the past twelve months.
The country’s biggest mortgage lender said it is the biggest fall in prices since 2011 following the global financial crisis and amounted to around £7,500 being wiped off the average UK house price in cash terms.
Some regions of the UK have been hit harder than others, with prices falling 2.6 per cent in London and 3 per cent in the South East, but by just 0.2 per cent in Yorkshire and the North East.
With predictions that mortgage rates could go above 7 per cent by the end of the summer, some fear prices could yet crash further.
Alan Greenin, a mortgage broker based in Kent, told i: “I’ve got clients trying to find a buyer and they’re struggling at the moment. They’ve have had to lower their expectations.
“I think it’s the knock-on effect of interest rates and not knowing where they’re going to be. I had a client lower their price yesterday and another this morning.
h/t Simian_Stacker