Four in 10 London home sellers cutting their prices: report

London

THE proportion of London home sellers dropping their asking price is rising as the property market slumps further.

With more than four in 10 revising lower, the average price cut of 6.7 per cent reflects "initial over-optimism and a tougher market", Rightmove Plc said in a report published on Monday. New vendors coming to the market in November are also reducing their expectations, albeit more modestly, with a 0.2 per cent decline from a month earlier to £628,219 (S$1.12 million).