Russell Jervis, Managing Director of haart: "The Nationwide has finally caught up what much of the industry has been saying for the last four to five months, as interest rate rises take their toll on the housing market. Last week we saw eight percent of properties across our network drop their asking price by an average of five percent to achieve a sale. This equates to a reduction of £8.85million in the housing stock on our books.
"However, sensibly priced properties are still being sold. In fact we're still seeing a lot of activity at the front end of the buying process. People are viewing more properties before making a decision. Where there are similar houses on the market, the lowest priced properties are selling and setting the price point. Sellers need to be in tune with the fact that this is now a buyers' market."
