Asking prices cut on 41% of homes for sale in England, eXp UK says
About 165,647 of 403,962 listed homes have been reduced, with the South East showing the highest share at 43.9%, according to eXp UK.
Asking prices have already been lowered on about 41% of homes for sale in England, according to analysis by eXp UK.
The agency said around 165,647 of the 403,962 properties on the market have had a reduction. That is 5,786 more than in August, a rise of 3.6% over two months. The figures are based on Zoopla listings and leave out homes that are under offer or sold subject to contract.
The South East had the largest proportion of reduced homes at 43.9%, ahead of the East of England at 42.2% and the East Midlands at 41.7%. London and the South West were level on 41.2%. Each of these regions sits higher than the figure for England as a whole.
Since August, reduced stock grew fastest in the West Midlands, up 7.7%, with the East of England next on 6.2%. Increases of 4.8% in the South West, 4.7% in Yorkshire and the Humber, 4.1% in the South East and 3.8% in the East Midlands followed. Reduced stock in London barely moved, rising 0.1%, while the North East was up 0.2%.
Adam Day, head of eXp UK and Europe, said a price reduction "isn't necessarily a sign that an agent has got things wrong." He added that with so much stock already cut, "it's clear that many sellers are having to reconsider their initial expectations."
