Home Sellers in Britain Cut Asking Prices on 3,000 Homes a Day
Rightmove data shows September had the highest monthly number of price cuts in 15 years as buyers become more selective
By AXY Business Desk ·
Key points
- Home sellers in Britain cut asking prices on more than 3,000 properties a day on average in September, according to Rightmove figures shared with the BBC.
- Rightmove said September's total was the highest of any month for 15 years, driven partly by a glut of homes and unrealistic seller expectations.
- Homes with a price cut took 119 days to sell on average, compared with 39 days for homes listed at one price.
- Mortgage rates at three-year highs are making buyers more budget-conscious and selective.
- Zoopla data showed listings up 5% year on year while sales agreed fell 9%.
Home sellers in Britain cut the asking price on more than 3,000 properties a day on average during September, according to figures from the property website Rightmove that were shared exclusively with the BBC. Rightmove said the monthly total was the highest of any month for 15 years, a sign that many sellers are having to accept lower figures as buyers hold back.
An asking price is the figure a seller advertises when a home goes on the market. It is not the price the property finally sells for, but it shapes how buyers view a listing and how much they are prepared to offer. When a seller reduces that figure, the change is usually shown on property portals such as Rightmove and its rival Zoopla, which are widely used by buyers and sellers to track the market. Because so many homes are advertised on these sites, their data is closely watched as a guide to conditions across the housing market.
What the September figures show
Rightmove said the surge in reductions was driven in part by a glut of homes on the market and by some sellers setting unrealistic expectations about what their property is worth. A glut means that more homes are available than there are buyers ready to purchase them at the current prices. In that situation, a property that attracts little interest for several weeks may lead a seller to lower the asking price in the hope of drawing new viewings and offers.
The data also suggests that price cuts have become a common feature of the market rather than an unusual step. Rightmove said the proportion of listed homes that eventually had a price reduction peaked in 2023 and has remained relatively high since. In September, 34% of listed homes had a price cut, only slightly below the recent peak of 36% recorded in September 2023. In other words, roughly one in three homes listed in the month has seen its advertised price come down at some point, a level that has persisted for some time.
The size of the reductions is also significant. Rightmove data showed the average price cut was nearly 7%, which it said was the equivalent of nearly \u00a321,000 taken off a typically valued home. For a buyer, that is a meaningful change in the sum needed to purchase a property. For a seller, it represents money given up in exchange for a faster sale.
How long homes take to sell after a price cut
Rightmove's figures show that a price reduction is closely linked to how long a property stays on the market. Homes that had a price reduction typically took 119 days to find a buyer, compared with 39 days for homes listed at a single price throughout. That gap of roughly three months suggests that a property which has struggled to sell at its original price often faces a longer wait even after it is reduced.
The time a home spends on the market matters because it can change how buyers perceive it. A listing that has been advertised for several months may prompt questions from prospective purchasers about why it has not sold. Colleen Babcock of Rightmove said: "Once a home has been on the market for a while and then has a price reduction, some buyers start asking questions, even when there is nothing wrong with the property." Her comments point to the way a reduction can act as a signal, even when the reason for it is simply a seller's optimistic initial pricing.
Why buyers are becoming more selective
Property portals say buyers are now more careful about what they view and how much they spend. Many are working to a tight budget because mortgage rates have risen to three-year highs. A mortgage is a loan used to buy a home, repaid over many years with interest. When the interest rate on that loan rises, the monthly payment on the same amount borrowed goes up, which reduces how much a household can afford to borrow. Buyers who were comfortable with a certain price may now find that the same home costs them substantially more each month.
Zoopla, the rival property portal, said buyers were in the driving seat and were becoming more cautious and selective about the properties they viewed. Its comments suggest that buyers are less willing to make offers on homes that do not fit their budgets or meet their expectations, which gives them more room to wait for a better deal. The combination of higher borrowing costs and a wider choice of homes has changed the balance of bargaining power in many local markets.
Listings rise while sales agreed fall
Zoopla's figures show a clear divide between supply and demand. The number of homes for sale was up 5% in September compared with a year earlier, but the number of sales agreed had fallen by 9% over the same period. More homes are being advertised, yet fewer buyers and sellers are reaching agreement. That gap helps explain why sellers are cutting prices: if properties are staying unsold for longer, the pressure to reduce the asking price grows.
Analysts often watch the relationship between listings and agreed sales closely, because it can show whether the market is moving in favour of buyers or sellers. When listings rise faster than sales, buyers generally have more choice and more negotiating power. If that pattern continues, price reductions may remain common, and sellers who price their homes too high could face longer delays before a sale completes. This is an interpretation of the figures rather than a forecast stated by the source material.
Why September is a busy month for price cuts
The data also reflects a seasonal pattern. Zoopla and Rightmove both note that September tends to be the month with the most cuts to asking prices, because sellers often want to complete a sale by the end of the year. Completion is the stage at which the sale is legally finished and ownership passes to the buyer. Sellers who want to finish before the year ends may decide to lower their price in late summer and early autumn to attract buyers in time.
This seasonal factor means the September figures should be read with some care. A high monthly total in September is partly expected because of the timing of the property calendar. However, Rightmove said this September's total was the highest of any month for 15 years, which indicates that the pressure on sellers this year is stronger than usual for the time of year.
What to watch next
Several indicators will show whether the trend is easing or deepening. The most important is the mortgage rate, since borrowing costs shape how many buyers can afford to purchase. If rates fall, more buyers may return to the market and the pressure on sellers could ease. If rates remain at three-year highs, buyers are likely to stay cautious, and analysts may expect price reductions to remain widespread.
Other measures to follow include the share of listed homes that have a price cut, which stood at 34% in September, and the gap between the number of homes for sale and the number of sales agreed. Monthly figures from the property portals will show whether the September peak in price reductions was a seasonal high or the start of a longer period of adjustment. For homeowners considering a sale, the figures suggest that pricing realistically from the start may help avoid the longer wait and lower final price that the data associates with reduced listings.
For buyers, the figures point to more room to negotiate, but also to the need to budget carefully. A lower asking price does not always mean a bargain if the monthly cost of a mortgage remains high. The next data releases from Rightmove and Zoopla will show whether buyers and sellers are moving closer to agreement or whether the gap between them continues to widen.
Questions and answers
How many home asking prices were cut in Britain in September?
Home sellers cut the asking price on more than 3,000 properties a day on average in September, according to Rightmove figures shared with the BBC. Rightmove said this was the highest monthly total for any month in 15 years.
Why are home sellers cutting their asking prices?
Rightmove said the cuts were driven partly by a glut of homes on the market and by some sellers setting unrealistic expectations. Buyers are also more selective because mortgage rates have risen to three-year highs.
How much do price cuts reduce a home's value?
Rightmove data showed the average price reduction was nearly 7%, which it said equals nearly \u00a321,000 cut from a typically valued home. Homes with a price reduction typically took 119 days to find a buyer, compared with 39 days for those listed at one price.
What could happen to house prices next?
The source material does not forecast prices directly. Analysts watching the data are focused on mortgage rates, the share of homes with price cuts, which was 34% in September, and the gap between listings and sales agreed, which Zoopla reported as listings up 5% and sales agreed down 9%.
Topics: Rightmove, Zoopla, UK housing market, house prices, asking prices, mortgage rates, property sales, Britain
Sources: BBC Business RSS
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