Editor's note: This brief was summarised by The Property AI Newsroom from a report by The Negotiator. Read the original article for full details.

Over Half of Homes for Sale See Asking Price Cuts, Says Agency Boss

More than one in two homes for sale have had their asking prices reduced, according to Michael Cook, chief executive of LRG. The comments follow the latest Nationwide house price index, which showed a slowdown in annual house price growth.

Michael Cook told Radio 4 that asking prices needed to be cut for properties to sell in the current market. He stated that sentiment in the housing market had softened recently, mentioning factors such as the war in Rian and changes in government, although there has been more clarity around Stamp Duty.

Cook reported that 55% of LRG’s available properties on the market had their prices cut. He noted that while conditions improved in May and started to edge up in June, the market felt softer in July. Cook also highlighted that some price indicators may lag behind actual market conditions, and more properties are currently having to be reduced in price to achieve a sale.

The trend comes after Nationwide Building Society revealed that house price growth slowed in July, with the average price of a home in Britain standing at £277,542, up 1.8% on a year ago. This annual growth was slower than in June, when property values increased by 2.2%. Nationwide attributed the slowdown to an uncertain economic outlook.

The Bank of England has held interest rates at 3.75% for the fifth consecutive time, despite some members of the Monetary Policy Committee voting for a rate increase.

These developments are relevant for UK letting agents and inventory clerks, as price reductions and market uncertainty may impact rental demand, property turnover, and inventory management.