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UK Property Sellers Cut Asking Prices at Sharpest Pace This Year
UK property sellers cut the prices they’re asking at the sharpest pace since December, adding to evidence that soaring interest rates are weighing on the ability of buyers to afford purchases. The property portal Rightmove said its index tracking the cost of homes coming to market fell 1.9% to £364,895 ($465,620) this month. It was the biggest decline for August since 2018 and the sharpest drop since the end of last year, when sellers were trying to wrap up deals. “The market is difficult for many right now after the more buoyant couple of years previous,” Mike Cole, managing director at Imagine Property ... (full story)