LONDON, Nov 13 (Reuters) - Asking prices for homes in Britain have fallen at their fastest pace in five years for the time of year, property website Rightmove said on Monday, underscoring how rising borrowing costs have caused a housing market slowdown.
Average asking prices for homes fell by 1.7% between Oct. 8 and Nov. 4, a bigger fall than is typical for the pre-Christmas period, Rightmove said.
"Buyers are still out there, but for many their affordability is much reduced due to higher mortgage rates," Rightmove director Tim Bannister said.
Rightmove said asking prices were 3% below May's peak while agreed sales were 10% below their pre-pandemic level in 2019, a less severe fall than in the month to early October.
There were signs that the shortage of homes for sale was easing with properties for sale only 1% behind their 2019 level, it said.
Persons:
Rightmove, Tim Bannister, William Schomberg, Andy Bruce
Organizations:
Bank of England, Thomson
Locations:
Britain