More Home Sellers in Britain Are Cutting Their Prices

Home sellers in Britain cut their asking prices on more than 3,000 properties a day on average during September, according to Rightmove figures shared with the BBC. Rightmove said September's total was the highest of any month for 15 years.

The share of listed homes that eventually had a price cut peaked in 2023 and has stayed relatively high since then. In September, 34% of listed homes had a price reduction, which is slightly lower than the 36% peak in September 2023.

The average price reduction was nearly 7%. For a typically valued home, that is equivalent to nearly £21,000.

Homes with a price reduction typically took 119 days to find a buyer. Homes listed at one price took 39 days on average to find a buyer.

Mortgage rates, which are the interest rates on loans used to buy homes, have risen to three-year highs. Zoopla said the number of homes for sale was up 5% in September compared with a year earlier. Over the same period, the number of sales agreed fell by 9%.

A quarter of newly listed homes in September had been listed for sale in the last year. Six in 10 of these returning homes were listed at a lower asking price. Richard Donnell of Rightmove said that properties needing a price reduction were half as likely to find a buyer within three months.

There are also differences across the country. In Scotland, 74% of homes listed in April, May and June sold within three months. In London, the figure was 30% over the same period.