Autumn Sale as price cuts by existing sellers hit five-year high

" New and existing sellers react to quieter time of year by launching their own Autumn Sale to tempt buyers:

" New-to-the-market sellers trim the asking price of property this month, albeit by a modest 0.8% (-£2,392)

" Over one-third (37%) of properties already on the market have reduced their asking price since first listing - the highest proportion at this time of year for five years - a sign of initial over-optimism and a tougher market

" With existing sellers holding an Autumn Sale and obviously keen to sell, there's an opportunity for buyers to negotiate a good deal in the quieter run-up to Christmas

" With stretched buyer affordability tested further by the recent interest rate rise, sellers should be increasingly wary of over-pricing rather than hoping for a Budget reduction in Stamp Duty to boost buyer activity

Taken from Rightmove