Number of sellers dropping house asking prices rockets by 26%

Number of sellers dropping house asking prices rockets by 26%

0:01 AM, 20th October 2023, About 12 months ago

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Property price reductions have increased by 26% in the last three months, compared to the five-year average, it has been revealed.

However, the latest Street.co.uk Market Report shows a big improvement from the 50% increase seen in the second quarter of 2023.

The trend also highlights that sellers are heeding the advice from estate agents to price realistically when first listing their home.

The main drivers for price reductions are the South East and East regions, where more than half of the monthly listings saw house price drops in Q3.

In contrast, the North East had the lowest proportion of price reductions, with only 38% of listings reduced.

‘Move to a more stable, but subdued market’

Heather Staff, the co-founder of Street.co.uk, said: “The decreasing gap between current and average reduction volumes may indicate a move to a more stable, but subdued market.

“The regional disparities emphasise the importance of considering local factors in property market analysis.”

The report also reveals that properties are taking longer to sell across the UK, with an average time on the market of 48 days in Q3.

This is 19 days longer than the same period last year.

The percentage of properties selling in under four weeks in September reached its lowest level since January, indicating a noticeable slowdown in the property market.

‘Significant shift in the pace of property transactions’

Ms Staff said: “This increase suggests a significant shift in the pace of property transactions, with sellers facing longer waiting times for successful sales.

“However, it’s important to recognise the influence of seasonality.

“As the market transitions into autumn and winter, properties tend to stay on the market for slightly longer.”


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