Incredible Discounts on House Prices Lure Buyers Back to the Market
Discover the largest discounts on house prices in the past four years, enticing buyers to enter the property market. On average, homes are being sold for 4.2% (£12,125) below their asking prices, according to Zoopla, a leading property website.
In September, discounts reached their highest level since March 2019, after a recent surge in mortgage rates. Although the number of buyers rebounded by 12% in September, Zoopla reported that buyers still have the upper hand as they refuse to compromise on price.
With 80% more homes available for sale compared to September 2021, it remains a buyer’s market. The most significant price reductions are occurring in London and the South East, with a rate of 4.8%. In the rest of the UK, the rate is 2.8%, Zoopla stated.
Discounts have been increasing since the summer, leading to a decline in house prices by 0.5% over the past year. This marks the first annual drop since 2012, with prices projected to fall by 2-3% this year, according to Zoopla.
Zoopla’s executive director of research, Richard Donnell, noted, “The modest fall in prices is not sufficient to enhance affordability to a level that will drive activity. The most likely path to improving housing affordability and attracting buyers back into the market in the next 12-18 months is through falling mortgage rates.”
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Key Events Overnight
Embattled property giant China Evergrande suspended the trading of its shares on the Hong Kong stock exchange, leading to mostly lower Asian shares. The halt in trading followed reports of chairman Hui Ka Yan being taken away earlier this month and put under police surveillance.
The Hang Seng index declined by 1.2% to 17,390.50, while the Shanghai Composite rose by less than 0.1% to 3,108.51.
South Korea’s trading was closed due to a holiday, Japan’s benchmark Nikkei 225 dropped by 1.7% to 31,813.01, and Sydney’s S&P/ASX 200 remained relatively unchanged at 7,029.30.
The spike in oil prices to one-year highs, with Brent crude surpassing $87 per barrel, exacerbated selling in the bond market and bolstered the dollar. Additionally, global stocks have experienced a nine-day consecutive decline.
The US dollar is at a 10-month high against other major currencies, and 10-year Treasury yields are at their highest levels in 16 years.
Wall Street finished with mixed results. The S&P 500 inched up by 0.98 points, or less than 0.1%, to 4,274.51, remaining near its lowest level since June. The Dow Jones Industrial Average slipped by 68.61 points, or 0.2%, to 33,550.27, fluctuating throughout the day. The Nasdaq Composite rose by 29.24 points, or 0.2%, to 13,092.85.
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