Sellers made the biggest cut to asking prices in any November over the last five years this month, as 15-year high interest rates weigh on the housing market. 

Vendors have brought down asking prices by around 1.7pc or £6,088 to £362,143, marking the largest average price reduction in November since 2017 according to Rightmove.

The online property portal said prices normally dip in the run up to Christmas, however labelled this drop in asking prices as “larger than usual”.

Figures from Halifax last week showed that home values rose by 1.1pc in October after six months in decline, as people delayed putting their house up for sale and supply tightened. 

The bank said sellers were taking a “cautious attitude” rather than offloading at lower prices.

Yet the new numbers from Rightmove suggest that those actively looking to sell are still having to adjust their price expectations amid high borrowing costs. 

Tim Bannister, director of property science at Rightmove said: “We’d expect to see a drop in new seller asking prices in the last couple of months of the year, as serious sellers start to separate themselves from discretionary sellers and cut through the Christmas noise with an attractive price to secure a buyer.

“However, the larger than usual drop this month signals that among the usual pricing seasonality, we are starting to see more new sellers heed their agents’ advice and come to market with more enticing prices to stand out from their over-optimistic competition.”

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