British home sellers drop asking prices on thousands of properties as buyers turn selective

Home sellers in Britain cut asking prices on more than 3,000 properties a day on average during September, according to data from property website Rightmove. This total marks the highest level of any month for 15 years. Experts point to a large number of homes on the market and unrealistic pricing by some sellers as key causes.

Market Pressures

Data shows that 34% of listed homes had a price reduction last month. The average price cut was nearly 7%, which equals around £21,000 off a typical home value. These reduced homes took 119 days to find a buyer, while homes listed at a single price took only 39 days. Rival portal Zoopla reported that buyers are being more cautious and selective due to mortgage rates hitting three-year highs. While the number of homes for sale rose by 5% in September compared to last year, the number of agreed sales fell by 9% over the same period. Zoopla also noted that six out of ten homes returning to the market after being listed in the last year came back with a lower asking price.

Seller and Agent Views

Sellers like Stewart from Leicester faced challenges selling leasehold properties and finding the right price. Rightmove's Tarah Lourens explained that sellers often let emotional factors influence pricing because they value the time and money they put into their homes. Meanwhile, agents like Craig Webster from Blackpool and Katie Griffin from Devon stressed that getting the initial price right is crucial to capture buyer attention early.

Context

Property markets naturally fluctuate based on buyer borrowing costs and the overall volume of housing supply available at any given time. High mortgage rates reduce the monthly budget for everyday home buyers, forcing them to look closely at prices before making an offer.