Proportion of UK house sellers cutting asking price reaches ‘highest in over a decade’

More than 36% of properties have had asking price cut at least once - the highest figure since 2011

UK house sellers are cutting their asking prices at the fastest rate in more than a decade, after high interest rates dampened demand for property this summer.

The proportion of homes on the market which have had at least one price reduction is at its highest level since January 2011, the property website Rightmove has reported.