Stories

Sun, 18 Oct 2026

Sun, 18 Oct 2026 Home sellers cut asking prices on 3,000 properties a day

More property asking prices are being cut than at any time in 15 years, data shared with the BBC shows.
Rightmove found that nearly one-third (34%) of listed homes had their prices reduced last month, which is only slightly lower than the peak of 36% seen in September 2023. The average price reduction was almost 7%, equivalent to a decrease of around £21,000 on a typical home's value. Data from Rightmove showed that properties with price reductions took an average of 119 days to sell, compared to 39 days for homes listed at one price. This is because buyers often start asking questions about the property when it has been reduced in price, and can be cautious due to the high number of choices available on the market. Rival property portal Zoopla reported that the number of sales agreed had fallen by 9% in September compared to the same period last year. This is despite the number of homes for sale increasing by 5%. Zoopla's data also showed that a quarter of newly-listed homes in September had previously been listed and returned at a lower asking price. Properties that needed a price reduction were half as likely to sell within the usual three-month timeframe, according to Richard Donnell from Rightmove. Sellers who have contacted the BBC have pointed out the difficulties caused by a large number of homes on the market and extra problems for those selling leasehold properties in England. Experts at Rightmove say that emotional factors can influence sellers' pricing decisions, as they "put a value on the time and money they have invested in their home." However, buyers are now being more cautious and selective due to rising mortgage rates. The situation is particularly challenging in southern England, where higher prices, stamp duty, and some people not needing to sell contribute to homes taking longer to sell. In contrast, Scotland's Home Report system has led to faster sales rates in the country, with 74% of homes listed during April, May, and June selling within three months. Overall, the market is characterized by a surplus of homes, rising mortgage rates, and buyers being more cautious, leading to a decrease in sales agreed and a longer time for properties to sell.