Home sellers cut asking prices on 3,000 properties daily

Summarised from BBC Business's report · Updated 19 Oct, 00:19 · Archive

Home sellers cut asking prices on more than 3,000 properties daily in September, the highest monthly rate in 15 years.

Home sellers in Britain cut asking prices on more than 3,000 properties daily in September, the highest monthly rate for 15 years, according to Rightmove data shared with the BBC. The average price reduction was nearly 7%, equivalent to almost £21,000. The proportion of listed homes with a price cut reached 34% in September, only slightly lower than the recent peak of 36% in September 2023.

Rightmove said the surge was driven in part by a glut of homes on the market and some sellers setting unrealistic expectations. Homes that had a price reduction typically took 119 days to find a buyer, compared with 39 days for those listed at one price. Colleen Babcock of Rightmove noted that once a home has been on the market for a while and then has a price reduction, some buyers start asking questions, even when there is nothing wrong with the property.

Rival property portal Zoopla said buyers were in the driving seat and being more cautious and selective. With mortgage rates at a three-year high, buyers needed to keep monthly mortgage payments affordable.

Read the report

• Home sellers cut asking prices on 3,000 properties a dayMore property asking prices are being cut than at any time in 15 years, data shared with the BBC shows.BBC Business · 19 Oct, 00:00

In this story: Rightmove · Zoopla · Britain · Colleen Babcock

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