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More than a third of properties drop price from first listing: Rightmove

Over one third of properties on the market reduced their asking price since first listing, according to the latest Rightmove Property Index.

The index found that 37 per cent of properties were reduced in price from their initial amount, the highest number since 2012.

Rightmove says there was a typical reduction of 0.8 per cent or £2,392 in price in property asking price.

Mortgage Advice Bureau head of lending Brian Murphy says: “The report released by Rightmove today provides analysis on asking prices, rather than completed transactions, therefore providing us with a snapshot of current market sentiment.   The data suggests that asking prices have cooled slightly in November, potentially as a result of optimistic pricing earlier in the year.

“That said, asking prices have still risen year on year, with the highest increase seen on ‘second stepper’ properties, which are normally categorised as three bedroom, family homes.  The chronic shortage of this type of property in many areas is probably what’s leading to the sustained increase on this particular sector of the market, as buyers of these properties are moving because they need to, rather than it being a discretionary decision.”



Bank of England tightens mortgage affordability rules

The Bank of England has tightened mortgage affordability rules to prevent loosening underwriting standards, which it warns will cause some lenders to raise interest cover ratios. The Bank formerly said that lenders should test affordability by checking how borrowers would react to a three per cent increase in base rate. But the new rule says […]


L&G veteran Stephen Smith to retire this year

L&G veteran Stephen Smith will step down at the end of the year. Smith is currently director, housing strategy but has had several roles at L&G, including heading up L&G Mortgage Club. He has worked in the mortgage market for 40 years and has been at L&G since before the club was founded 21 years […]

piggy, money, cash

Analysis: Brokers back ‘fairer’ FSCS bill proposals

Brokers have backed FCA plans to make Financial Services Compensation Scheme bills fairer and cheaper, although lenders are unhappy they are set to shoulder part of the bill for claims against failed intermediaries. A recent FCA consultation on the future of FSCS funding suggested that brokers who conducted protection business should be transferred from the […]


What exactly is a missold mortgage?

There are many breaches that constitute a missold mortgage but the fundamental question is whether people were treated fairly by their adviser or lender. I am looking at complaints that a recommendation was inappropriate for debt consolidation, capital raising, extending the term, affordability, arrears and right-to-buy mortgages. There are many breaches that constitute a missold […]

Why your clients need some tough love

In any relationship that matters, professional or personal, you should be upfront with someone if you think they’re making a decision or doing something they might later regret. Being honest with someone and having their best interests at heart, however hard the message, is key to building trust in any relationship. So how does this […]


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