While the amount that new sellers are reducing their properties by has dropped - 0.8pc, or £2,392 - it is the smallest that Rightmove has recorded since 2007.
Miles Shipside, director and housing market analyst at Rightmove, said: "In the run-up to the festive season, many sellers are trying to tempt distracted buyers to look at their property by dangling the bauble of more attractive pricing, given the quieter time of year and more hard market".
Rightmove director Miles Shipside said: "In the run-up to the festive season, many sellers are trying to tempt distracted buyers to look at their property by dangling the bauble of more attractive pricing".
Rightmove said this shows "initial over-optimism and a tougher market" and warned sellers to be wary of pricing homes too high since buyers have also been tested by the interest rate rise.
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The average reduction is 6.3 per cent.
For properties that sold last month at reduced prices, the average reduction between the initial advertised asking price and the last was 6.3...
Mr Shipside said: "The danger of going too high at the outset is that you jeopardise that vital initial three-week period, and may have to start on a series of price reductions while potential buyers watch and assume that no-one is buying your property because something is wrong with it other than the price". Lucy Pendleton, co-founder of estate agent James Pendleton, said sellers need to be dropping by at least five per cent if they are looking to drive interest in their property.
"There are also far too many vendors in London who think a reduction of £10,000 is enough", she said. "Being realistic achieves far better results in the end".
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