UK Home Asking Prices Are Falling at Sharpest Pace in Four Years
- Buyers wait to see whether next year will bring more stability
- Rightmove forecasts a 2% fall in asking prices over next year
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UK home-sellers cut their asking prices at the quickest pace in four years after soaring interest rates made buyers more hesitant, Rightmove Plc said.
The property search website said the average asking price dropped by 2.1% in December to £359,137 ($440,980), an acceleration from the 1.1% decline in October. While sellers usually offer discounts in December to help complete sales before Christmas, Rightmove said the reduction was larger than usual for this time of year.