More than six in ten UK homeowners looking to sell houses worth more than £1 million have been forced to slash their prices, according to new figures from Hamptons estate agents.
Sixty-one per cent of those asking more than £1 million for their houses had to reduce the asking price in January, the highest figure in two years, compared to 54 per cent in December last year, in a sign that the housing market is slowing at the top end.
The percentage of wealthy house sellers having to slash prices has been growing since last June, when the figure was 39 per cent.
The share of sellers having to cut prices in the market at a whole was 45 per cent.
Higher mortgage rates and soaring inflation over the past several months has meant that buyers have had to adjust their budgets downwards and sellers are having to be more realistic about asking prices.
Nonetheless, Hamptons pointed out that the market will adapt.