Estate agents and property sellers are listing properties at far higher prices than they are ultimately selling for, with the average home taking a price cut of nearly 10 per cent.
Agent Knight Frank says sellers are having to accept big discounts amid higher mortgage rates and a glut of homes on the market.
Properties that saw contracts exchanged between July and September sold for an average 90.6 per cent of their initial asking price, Knight Frank’s data showed.
It means a home initially listed for £300,000 is selling for £271,800, while properties going on the market for £500,000 are selling at £453,000.
Buying agents report
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