Why UK Home Sellers Are Cutting Prices

In the news: The story

Read a 138-word news story: More Homes, Fewer Buyers: Sellers Lower Their Prices

In Britain, sellers lowered the asking price of more than 3,000 homes each day on average in September, according to Rightmove. It was the highest monthly total in 15 years, and the average price cut was nearly 7%, or about £21,000. Buyers have more choice because many homes are for sale, but higher mortgage rates mean they need to watch their budget. About 34% of homes listed had a price cut in September, and those homes took an average of 119 days to find a buyer, compared with 39 days for homes sold at their first price. There were 5% more homes for sale than a year earlier, while the number of sales agreed fell by 9%. Sellers may feel strongly about the value of their homes, but a realistic price from the start could help attract buyers.

Vocabulary: Words in the news

6 items

Discussion: Setting a home’s price

2 discussion questions

• What might make a home feel worth its asking price to a buyer?
• If a home had a price cut, what would you want to find out before viewing it?

Discussion: Your home choices

2 discussion questions

• If you were looking for a home, what would matter most to you: location, size, or price?
• What would you find hardest about choosing and paying for a home?

Discussion: The wider housing market

2 discussion questions

• How might having many homes to choose from change the way buyers and sellers behave?
• What could make homes easier or harder to buy in the future?