More than 3,000 homes per day saw price cuts in September, the highest monthly figure in 15 years, as a glut of properties and high mortgage rates forced sellers to adjust expectations.
01Summary
- 01Rightmove data shows an average reduction of nearly 7%, or about £21,000, on homes that had their prices cut.
- 02Homes with price reductions took an average of 119 days to sell, compared with 39 days for those listed at a single price.
- 03The proportion of listed homes with a price reduction was 34% in September, just below the 2023 peak of 36%.
- 04Zoopla reported the number of homes for sale rose 5% year-on-year in September, but sales agreed fell 9%.
- 05A quarter of newly-listed homes in September had been listed before within the past year, six in ten at a lower asking price.
02Why it matters
With mortgage rates at three-year highs, buyers are highly selective, meaning sellers face longer sale times and must price realistically to attract offers. The trend affects homeowners trying to move and could slow the housing market.
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