Third of homes on market have had price slashed

The proportion of homes on the market which have had their prices slashed is at its highest level in more than ten years.

More than a third of properties (36.3 per cent) currently for sale have had at least one price reduction – the highest figure since January 2011 – according to property website Rightmove.

Cut: More than a third of properties currently for sale have had at least one price reduction

The average size of the price cut is also the highest since 2011 at 6.2 per cent.

When this reduction is applied to the average asking price, at £366,281 in September, this equates to a typical price cut of £22,709, Rightmove revealed.

But Rightmove said there are signs of activity starting to pick up, with the number of new properties coming to market jumping by 12 per cent in the first week of September.

‘It’s been a slower than usual August, so all eyes will be on market activity over the next few weeks, which will set the trend for the rest of the year,’ Tim Bannister, Rightmove’s director of property science, said.