UK Home Sellers Slash Asking Prices After Mortgage Rates Jump
- Rightmove says sellers usually cut prices in the autumn
- Outlook for property market dims as UK enters a recession
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UK home sellers slashed their asking prices at the quickest pace since August this month after a surge in mortgage costs and looming recession put a chill on the property market.
The property-search website Rightmove said asking prices fell 1.1% this month after a 0.9% gain in October -- but that cuts are the norm in the autumn when sellers want to wrap up transactions before Christmas.