Rising mortgage rates squeeze buyers as sellers in the North East and Scotland cut asking prices, Rightmove warns

Each day in September, vendors reduced asking prices on upwards of 3,000 properties — the highest monthly figure in 15 years. The typical reduction amounted to nearly 7%, or close to £21,000. Rightmove's Colleen Babcock said 'the rapid rise in mortgage rates is really beginning to hit buyers' budgets'. Since February, monthly payments on a new mortgage have climbed by around £250.

London ran counter to the trend with a 2.5% rise, though prices there remain 1.7% below last year's level.

Homes on which sellers had cut their asking price needed 119 days on average to find a buyer, against just 39 days for those listed without a reduction.