House prices appear to have been cut by an average of about £22,500 as the market cools.
According to Zoopla’s house price index, prices rose by 8.4% in the year to April, but growth will slow to 3% by the end of the year.
Zoopla said one in 20 sellers are having to reduce their asking price by 5% or more to sell their properties, more than the one in 22 in April.
The average price reduction is 9%, which equates to about £22,500.
