UK Home Sellers Cut Asking Prices on 3,000+ Properties a Day, Rightmove Data Shows

3-line summary

• Home sellers in Britain cut asking prices on more than 3,000 properties a day on average in September, the highest monthly total in 15 years, according to Rightmove data shared with the BBC; the proportion of listed homes receiving a price cut stood at 34%, near the recent peak of 36% seen in September 2023, driven partly by a glut of homes on the market.
• The average price reduction was nearly 7%, equivalent to about £21,000 off a typically valued home; homes that had a price cut took 119 days on average to find a buyer, versus 39 days for those listed at one price. Rival portal Zoopla said the number of homes for sale rose 5% year-on-year in September while sales agreed fell 9% over the same period, with mortgage rates at three-year highs.
• Zoopla data showed a quarter of newly listed homes in September had previously been listed within the past year, with six in 10 of those returning at a lower asking price; in Scotland, where an independent valuation (Home Report) is required before listing, 74% of homes listed in April-June sold within three months, versus 30% in London.

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