Home sellers in Britain cut asking prices on more than 3,000 properties daily during September, according to data from Rightmove shared exclusively with the BBC. The figure represents the highest monthly total for 15 years, driven by a large number of homes listed for sale and some sellers setting unrealistic initial prices.
Rightmove said the average price reduction was nearly 7 percent, equivalent to almost £21,000 cut from a typically valued home. In September, 34 percent of listed properties had their asking price reduced, only slightly lower than the recent peak of 36 percent recorded in September 2023.
Buyers are increasingly cautious as mortgage rates have risen to three-year highs, forcing many to work within strict budgets. Homes that required a price cut typically took 119 days to find a buyer, compared with 39 days for properties listed at one price.
The challenges are reflected in sales activity. While the number of homes for sale rose 5 percent in September compared with a year earlier, the number of sales agreed fell 9 percent over the same period, according to rival portal Zoopla. Richard Donnell, executive director of research at Rightmove, noted that properties needing a price reduction were half as likely to find a buyer within the typical three-month timeframe.
Estate agents say getting the initial price right when a home first comes to market is crucial. Tarah Lourens, chief operating officer at Rightmove, said that sellers often let emotional factors influence their pricing based on the time and money they have invested, while buyers simply consider what they can afford.
Scotland's Home Report system, which requires independent valuations before homes are listed, helps sellers price more accurately. Zoopla data showed 74 percent of Scottish homes listed in April, May and June sold within three months, compared with just 30 percent in London.