Two out of five homes for sale have been reduced

More than two out of five homes for sale in England have already had their asking price cut.

Around 165,647 of the 403,962 properties on the market have been reduced according to eXP UK. It equates to some 41% of the market.

It is 5,786 more than in August, an increase of 3.6% in the past two months.

The analysis by EXP UK is based on Zoopla listings and excludes homes under offer or sold subject to contract.

Regional differences

The South East has the highest proportion of reduced homes, at 43.9%.

The East of England follows at 42.2% and the East Midlands at 41.7%. London and the South West both sit at 41.2%.

All five regions are above the national average.

Fastest rises

The West Midlands has seen the sharpest rise in reduced stock since August, up 7.7%, followed by the East of England on 6.2%.

The South West rose 4.8%, Yorkshire and the Humber 4.7%, the South East 4.1% and the East Midlands 3.8%.
London was almost flat, up only 0.1%, with the North East up 0.2%.

Adam Day, head of eXp UK and Europe, (pictured) says: “The fact that more than four in ten homes currently for sale have already undergone an asking-price reduction demonstrates just how important getting the pricing strategy right has become as tougher market conditions have materialised this year.

“Of course, there will always be properties that require an adjustment during the marketing process, and a price reduction isn’t necessarily a sign that an agent has got things wrong.

It demonstrates how important getting the pricing strategy right has become as tougher market conditions materialised this year.”

“But with such a substantial proportion of available stock having already been reduced, it’s clear that many sellers are having to reconsider their initial expectations.

“Setting realistic expectations from the outset, providing regular updates on viewing activity and buyer feedback, and being able to demonstrate how a property is performing against the wider local market can all help vendors make more informed decisions.

“Ultimately, it’s about ensuring agents have the information and time they need to provide the best possible advice, rather than simply chasing instructions at the highest asking price.”

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Author: Gemma