Property website Rightmove reported that asking prices were cut on more than 3,000 homes per day on average across Britain in September, reaching the highest monthly figure in 15 years. The data showed that approximately 34% of listed properties had their asking prices reduced last month, only marginally below the recent peak of 36% recorded in September 2023.
According to Rightmove’s analysis, the average price reduction amounted to nearly 7%, equivalent to roughly £21,000 cut from a typically valued property. Homes that underwent price reductions took significantly longer to sell, with an average of 119 days to find a buyer compared with 39 days for properties listed at a single price. The company attributed the trend partly to an oversupply of homes on the market and sellers establishing unrealistic asking prices initially.
Mortgage rates reaching three-year highs have made buyers more selective and cost-conscious. Rival portal Zoopla reported that while the number of homes for sale increased 5% in September compared with a year prior, the number of sales agreed fell by 9% over the same period. Approximately a quarter of newly-listed homes in September had previously been on the market within the past year, with six in ten returning at lower asking prices.
Experts noted that first impressions and initial pricing prove crucial. Real estate professionals emphasized that correcting an initial price can undermine buyer confidence and potentially lead to sellers accepting even less than revised asking prices. In Scotland, where an independent valuation is required before listing through the Home Report system, homes sold at notably faster rates than elsewhere in Britain, with 74% of properties listed during April through June selling within three months, compared with 30% in London.
Industry analysts attributed the market challenges to multiple factors including high mortgage costs, increased property inventory, and buyer reluctance toward certain property types such as leasehold homes in England. September typically sees the most price cuts as sellers aim to complete sales by year-end.
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