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UK Rents Surge at Record Pace as Home Sellers Lift Asking Prices

UK Rents Surge at Record Pace as Home Sellers Lift Asking Prices
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Optimistic sellers ask too much for homes - only to have to slash the price

More sellers cutting asking prices than at any time in 12 years

Proportion of price-cut homes for sale highest in over a decade

The average size of reductions is also the largest since January 2011, coming on the back of a slump in the housing market as the Bank of England has sought to curb soaring inflation by pushing up borrowing costs, including for mortgages.

Proportion of homes for sale with prices slashed highest in over a decade

The average size of the price reduction is also the highest in over a decade, at 6.2%, suggesting some sellers were too optimistic, Rightmove said.

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