British home sellers slashed asking prices on over 3,000 properties daily in September. It is the highest monthly volume in 15 years.
The surge reflects a market flooded with stock and buyers who are broke. Mortgage rates have hit three-year highs, forcing households to tighten their belts.
Price Cuts Soar
Rightmove data, shared exclusively with the BBC, shows the average price reduction was nearly 7%. That equals a £21,000 cut on a typical home. Colleen Babcock, from Rightmove, warns that first impressions are everything in a crowded market. “Once a home has been on the market for a while and then has a price reduction, some buyers start asking questions,” she said. Even if the house is fine, the stigma sticks.
Buyers Hold Power
Properties that needed a price cut took 119 days to sell. Homes listed at a single price sold in just 39 days. Zoopla confirms buyers are in the driving seat. Sales agreed fell by 9% year-on-year, even as listings rose by 5%. Richard Donnell, executive director of research at Rightmove, notes that cut-price homes are half as likely to find a buyer within three months. “The market is dead. Lots for sale; no-one buying,” one seller in south Wales told the BBC. He is not alone in his frustration.
What Comes Next
Scotland offers a different model. Its Home Report system requires independent valuations before listing. As a result, 74% of homes sold within three months, compared to 30% in London. Experts say getting the initial price right is crucial. Craig Webster of Tiger Sales and Lettings in Blackpool argues that accurate pricing captures active buyers immediately. Sellers who wait to adjust often end up accepting less than their revised asking price. The gap between seller expectations and buyer reality is widening fast.
Source: BBC Business
This article was compiled by the IndiaBBCNews editorial system from verified international news sources. Facts have been independently reviewed. Original reporting: BBC Business.
