Rightmove: Home sellers cut asking prices on 3,000 properties daily as market pressure mounts
Price cuts remain widespread
Rightmove’s figures, shared with the BBC, show that sellers reduced prices on more than 3,000 properties a day on average during September. The share of listed homes that eventually had a cut has stayed relatively high since reaching a peak in 2023.
Last month, 34% of listed homes had a price reduction, slightly below the 36% level recorded in September 2023. The average reduction was nearly 7%, equivalent to almost £21,000 on a typically valued home.
Timing and buyer budgets
September is often the month with the most asking-price cuts, as sellers may hope to complete a sale before the year ends. Zoopla said buyers also needed to keep monthly mortgage payments affordable while mortgage rates were at a three-year high.
Zoopla found that one quarter of homes newly listed in September had also been offered for sale during the previous year. Six in 10 of those returning properties were listed at a lower asking price.
Pricing can shape the sale
Rightmove chief operating officer Tarah Lourens said sellers’ emotional attachment can affect pricing because they consider the time and money invested in their homes. Agents Craig Webster and Katie Griffin stressed the importance of an accurate initial valuation, with Griffin saying a later correction could lead to an offer below even the revised asking price.
Different markets and seller pressures
Sellers who contacted the BBC’s Your Voice described challenges from the number of homes for sale and added complications when selling leasehold properties in England. Andrew Boast, chief executive of SAM Conveyancing, said sellers might still avoid a loss if they negotiated strongly when buying and the home rose in value during their ownership.
In Scotland, the Home Report system requires an independent valuation before a home is marketed. Data cited in the article showed 74% of homes listed there during April, May and June sold within three months, compared with 30% in London.
Key points
- More than 3,000 properties a day had asking-price cuts in Britain during September, on average.
- The average reduction was nearly 7%, or almost £21,000 on a typically valued home.
- Homes needing a price cut were half as likely to find a buyer within three months.
- Three-month sales rates were 74% in Scotland and 30% in London for homes listed in April, May and June.