Home sellers in the UK are slashing asking prices on 3,000 properties daily, a 15-year high, as buyers hold the upper hand amid stagnant demand and rising mortgage rates, according to Rightmove data shared with the BBC.
Sellers are reducing prices on 3,000 homes daily—a 15-year high—while buyers remain cautious, according to Rightmove data cited by the BBC. The typical reduction ran nearly 7 percent, almost £21,000 off a typically valued home, as sellers scramble to attract buyers in a market where demand has weakened sharply.
Daily Price Cuts Hit 15-Year High
Rightmove’s data, shared exclusively with the BBC, reveals that properties see their asking prices reduced daily, the highest monthly total in 15 years. The typical reduction ran nearly 7 percent, almost £21,000 off a typically valued home, as sellers adjust to a market where buyers are selective. Zoopla reported a 5 percent rise in homes for sale in September from a year earlier, while sales agreed fell 9 percent over the same stretch. One in four newly listed homes had previously been available for sale within the last year, with 60% of those subsequently being priced lower.
The pressure is acute for sellers. The market is dead. Lots for sale; no-one buying. No-one thinks it's going to get easier,
said a seller who was selling his late father’s home in south Wales. Colleen Babcock of Rightmove warned that a late cut can itself spook shoppers.
Mortgage Rates and Surplus Listings Stifle Activity
Mortgage rates sit at a three-year high and a surplus of listings have left buyers in control. Sellers are pricing emotionally, valuing their time and investment, while buyers focus on affordability. Tarah Lourens, chief operating officer at Rightmove, noted this gap: emotional
factors influenced sellers pricing a home – as they put a value on the time and money they have invested in their home,
while buyers simply considered everything they could buy at their budget.
Agents emphasize the importance of initial pricing. Craig Webster of Tiger Sales and Lettings in Blackpool said, That’s when you have the greatest opportunity to capture the attention of active buyers.
However, properties that needed a cut typically needed 119 days to find a buyer, while homes listed at one price found a buyer in 39 days. In the last month, 34 percent of listed homes carried a price reduction, with the recent peak at 36 percent in September 2023.
Regional Sales Speed Varies Widely
Regional differences highlight the market’s unevenness. In Scotland, 74 percent of homes listed in April, May, and June sold within three months, compared to 30 percent in London.
Agent Insights and Market Realities
Sellers could still avoid losses if they had secured favorable terms when purchasing the property and witnessed its value increase during their ownership, as stated by Andrew Boast, CEO of SAM Conveyancing. But for others, the market’s shift is punishing. Katie Griffin of Devon-based surveyors Sawdye and Harris cautioned that adjusting a price might result in a seller ultimately accepting a lower amount than the updated asking price: The property may already have been online for several months and buyers can start asking why it has not sold.
Sellers Face Balancing Act
As the market remains in flux, sellers face a delicate balancing act. Early pricing is critical, but late adjustments risk deterring buyers. With mortgage rates sitting at a three-year high, the pressure on sellers will persist. In a market with so much choice, first impressions matter,
She added. The coming months will test whether sellers can manage this terrain without sacrificing value.