Zoopla Confirms House Prices Are Falling With Discounts by Sellers

28th November 2023

Sellers are accepting average discounts of £18,000, or 5.5% from their asking prices in November 2023. Get the latest from our House Price Index.

Higher mortgage rates have been impacting sellers in 2023, as buyers have less money available to secure the homes they're looking for.

But the tide should hopefully begin to turn next year, as inflation remains on a downward trajectory.

‘Financial markets expect the Bank of England to start cutting rates around the summer of 2024,' says our Executive Director of Research, Richard Donnell.

‘If mortgage rates start to fall further, this will support an improvement in demand and sales volumes later in 2024.'

However, he cautions that house prices will continue to remain under a modest downward pressure next year.

Read all the details at https://www.zoopla.co.uk/discover/property-news/seller-discounts-reach-5-year-high-of-gbp18-000/