Sellers are offering their biggest discounts in five years, with one in four offering 10% off the asking price right now, putting buyers in a very strong position.
Sellers are accepting an average discount of £18,000 in November 2023.
In London and the South East, that rises to £25,000.
The average discount being offered is 5.5%, the equivalent of £18,000.
In London and the South East, that rises to 6.1%, or £25,000 off the asking price.
Across the rest of the UK, the reduction is smaller at 4.8%, or £11,000 but it is still the highest level of discounting we've seen in years.
The Bank of England has decided to keep the base rate at 5.25% for the second month in a row.
Asking prices for homes have increased just 0.5% this month - making it the weakest October growth in 15 years.
The Nationwide reported a UK wide drop in the average house price of 5.3% in the year to August, with Halifax's data for the same period shows a 4.6% drop. The time from instructing your solicitor to exchange is now approximately 113 days.
The Bank of England has voted to leave UK interest rates on hold at 5.25%. This is the first time since November 2021 that UK borrowing costs have stayed on hold.
The Bank's Monetary Policy Committee voted to leave borrowing costs unchanged after yesterday's surprise fall in inflation.
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