Sellers cut asking prices on more than 3,000 homes a day in September
Rightmove says September's daily average of price reductions was the highest of any month for 15 years, with the typical cut nearly 7%.
Home sellers in Britain reduced asking prices on more than 3,000 properties a day on average during September, according to Rightmove. The property portal said this was the highest monthly total for 15 years. It put the rise partly down to a large supply of homes for sale and partly to some sellers starting with unrealistic expectations.
Rightmove said the average reduction was nearly 7%, or almost £21,000 off a typically valued home. Homes that had their price cut usually took 119 days to find a buyer, against 39 days for homes that stayed at their first price. In September, 34% of listed homes had a price reduction, slightly below the peak of 36% recorded in September 2023.
Colleen Babcock of Rightmove said: "In a market with so much choice, first impressions matter." She added that some buyers start asking questions once a home has been listed for a while and then cut in price, even when nothing is wrong with it.
Zoopla said buyers were being more cautious and selective, with mortgage rates at a three-year high and many needing to keep monthly payments affordable. Its figures showed the number of homes for sale was up 5% in September on a year earlier, while sales agreed fell by 9%. A quarter of homes newly listed in September had been on the market within the last year, and six in 10 of those came back at a lower asking price.
Richard Donnell, executive director of research at Zoopla, said homes needing a price reduction were half as likely to sell within the usual three months. He said Scotland's Home Report system, which requires an independent valuation before a home is listed, helps sellers set prices. According to his data, 74% of Scottish homes listed in April, May and June sold within three months, compared with 30% in London.
Donnell said higher prices, stamp duty and some owners, including landlords, not needing to sell meant homes were less likely to sell in southern England. Andrew Boast, chief executive of SAM Conveyancing, said sellers might not lose out overall if they had negotiated hard when buying and had seen the value of their home rise.
