Figures show that 35% of homes up for sale have cut their value, with the Brexit vote to blame for the biggest discounts in London. Price cutting by homeowners desperate to shift their property in a slowing market has reached the highest levels in six years

Just over 35% of homes marketed have marked down their prices in the hope of achieving a sale. In London’s prosperous areas have made the deepest reductions in sale prices.

Towns in Scotland and Northern England have proved more resilient to discounts. About 16% of homes in Edinburgh have been reduced in price, followed by 19% in Salford, 22% in Glasgow, and 25% in Manchester - all below the national average.

The basis for house buyers are likely to remain challenging over the coming months with consumers’ purchasing power continuing to be squeezed by inflation running higher than earnings growth.

Additionally the housing market activity is likely to be hampered by weak consumer confidence and a limited willingness to engage in large transactions.”

While the increase in interest rates was just 0.25% [to 0.5%] and mortgage rates are still at historically very low levels, the fact that it was the first rise since 2007 could have a significant effect on housing market.

mosshaselhurst solicitors are award winning property solicitors and very experienced in property sale and purchases. We are members of the Law Society’s Conveyancing Quality Scheme and are happy to talk to you about any questions that you have about the changes to Stamp Duty for first time buyers. Call us today on 01606 74301.