Key facts
- September saw over 3,000 daily asking price cuts, the highest in 15 years.
- Average price reduction was nearly 7%, or £21,000.
- Homes with price cuts took 119 days to sell, versus 39 days for others.
- 34% of listed homes had a price reduction in September.
- Sales agreed fell 9% year-on-year in September, while listings rose 5%.
Home sellers in Britain cut asking prices on over 3,000 properties daily in September, marking the highest monthly figure in 15 years, according to data from property portal Rightmove. This trend is attributed to a large number of homes on the market and some sellers setting unrealistic initial prices.
Buyers are exercising caution due to elevated mortgage rates, leading them to be more selective. Properties that experience a price reduction typically take significantly longer to sell, with an average of 119 days compared to 39 days for those listed at their initial price. The average price cut was nearly 7%, equating to approximately £21,000.
Rival portal Zoopla noted that while the number of homes for sale increased by 5% year-on-year in September, the number of sales agreed decreased by 9%. This indicates a shift in market dynamics where buyers have more leverage. In Scotland, a Home Report system requiring independent valuations appears to facilitate faster sales, with 74% of homes selling within three months compared to 30% in London.