Almost four in ten properties listed on Rightmove have had their asking price reduced at least once. It says the number of price cuts is the highest at this time of year since 2012.
A separate report, from Your Move, on actual house prices says that annual inflation has slowed to almost zero, and that the pace of growth is the lowest for five years – also since 2012.
This morning Rightmove said that almost 38% of existing listings have had price cuts, the highest proportion at this time of year for five years.
For those who have cut their asking price at least once, the average size of reduction between first marketing price and what is now being asked is 6.3%.
Analysis of properties that actually sold last month shows that they too had cut initial asking prices to final asking prices by an average of 6.3%.
Meanwhile, new listings in October and early November have shown a dip in asking prices, taking the average new asking price down 0.8% on a monthly basis to £311,043.
This figure is still up 1.8% annually, compared with the 1.4% recorded in October.
There was only one region in England and Wales where new asking prices rose – in Yorkshire & Humber where they rose by 0.6% over the month.
New asking prices have fallen with the greatest thump in the north-east (down 5%).
In parts of London, monthly falls have contributed to large annual decreases – for example, new asking prices are down 13% in Islington compared with a year ago.
Properties are taking one day longer than in September to reach the accepted offer stage, at 64 in October, down from 65 a year before.
Stock remained flat, though, with an average of 60 properties, including SSTC, per agency branch.
Miles Shipside, director and housing market analyst for Rightmove, said the market was “more challenging … with the largest proportion of sellers on the market having reduced their initial asking prices at this time of year since 2012”.
In a separate report, Your Move says average sale prices were flat for the second month in a row and that annual house price inflation has almost juddered to a halt.
Your Move says annual house price inflation slowed from 1.7% to 0.8% between September and October.
This is the fourth consecutive month of declines in annual house price inflation, and the slowest rate of growth in house prices for over five years, since March 2012.
The average house price was £298,438 for October, the agent said.
Transactions are down 5% in the first nine months of 2017 compared with the same period last year.
Oliver Blake, managing director of Your Move and Reeds Rains, said: “It’s a challenging time for the market, but outside London many regions are showing some resilience.
“We have yet to see how this will change in the months to come, particularly following the Autumn Budget when it has been rumoured the Chancellor will make announcements that may impact the housing market.
“The good news, however, is that housing is clearly on the political agenda and any action that supports buyers and sellers – and positive movement in the market – has to be encouraged.”