Asking prices are being cut at the fastest rate for more than a decade, the latest insight from Rightmove reveals.

The number of homes for sale which have had at least one price reduction is at its highest level since January 2011, according to the property portal’s latest House Price Index.

According to the data, 36.1% of homes listed for sale have had their asking prices reduced, compared to the high of 31.2% recorded more than 12 years ago.

The average price reduction was also the highest since January 2011 at 6.2%, versus the five-year pre-pandemic average of 5.5%. For the average asking price of £366,281, this is a reduction of £22,709.