Asking prices cut on 41% of England’s homes for sale

More than four in 10 homes for sale across England have already had their asking price cut, and there are now 5,786 more reduced-price listings than in August.

Research by estate agency eXp UK identified 165,647 homes being marketed below their original asking price, out of 403,962 properties available.

The firm compared the listings with August, finding that the number of reduced properties had risen by 3.6% in two months.

Sellers reconsider asking prices

The head of eXp UK, Adam Day, said: “The fact that more than four in 10 homes currently for sale have already undergone an asking-price reduction demonstrates just how important getting the pricing strategy right has become as tougher market conditions have materialised this year.

“Of course, there will always be properties that require an adjustment during the marketing process, and a price reduction isn’t necessarily a sign that an agent has got things wrong.”

He added: “But with such a substantial proportion of available stock having already been reduced, it’s clear that many sellers are having to reconsider their initial expectations.

“For estate agents, this makes the relationship with the vendor particularly important.”

South East price cuts

The South East has the highest proportion of homes with an asking price reduction, at 43.9%, followed by the East of England with 42.2% and the East Midlands at 41.7%.

London and the South West both sit just above the England average of 41%, with reductions on 41.2% of homes advertised in each region.

The West Midlands recorded the largest increase in the number of reduced listings since August, up 7.7%, followed by the East of England at 6.2%.

These figures measure the change in the number of properties being marketed at a reduced price, rather than the size of the cuts.

In the South West, that number rose by 4.8%, followed by Yorkshire and the Humber at 4.7%, the South East at 4.1% and the East Midlands at 3.8%.

London recorded an increase of just 0.1%, while the North East figure rose by 0.2%.