Homeowners forced to cut asking prices to sell homes as 5 percent mortgage rates spark 'tipping point'
Homeowners looking to move are being forced to cut asking prices in a bid to sell their homes after mortgage rates have soared. According to property site Zoopla, around 42 percent OF house sellers are now having to shave more than five percent off the original asking price to achieve a sale.
The property website said this proportion, seen in June, is the highest it has recorded since 2018. It also revealed that around one in six sellers are having to shave more than 10 percent off the initial asking price to get a sale over the line. The report continued: “It’s the most expensive markets, and those where prices have risen the most in recent years, where future price falls are likely to be concentrated”.
Among the measures, borrowers will be able to switch to an interest-only mortgage for six months, or extend their mortgage term to reduce their monthly payments and switch back to their original term within the first six months, if they choose to.Lenders have also agreed to implementing a 12-month minimum period before repossessing homes.It added there are some signs that supply is starting to grow at an above-average rate.
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