The key facts
- In September prices were cut on more than 3,000 listings a day — a 15-year high (Rightmove).
- The average discount was almost 7%, about £21,000; homes with a price cut took 119 days to sell versus 39 days for the rest.
- Zoopla: supply rose 5% year on year, agreed sales fell 9%; in Scotland 74% of homes sell within three months versus 30% in London.
Record number of price cuts
In September, home sellers in the UK were cutting asking prices on more than 3,000 listings a day on average, Rightmove reports in data shared exclusively with the BBC. This is the highest monthly figure in 15 years. The portal links this to a large volume of supply and unrealistic expectations on the part of some sellers. The share of listings with a price cut stood at 34% in September — only slightly below the peak of 36% recorded in September 2023.
Discounts and time to sell
The average price cut was almost 7% — about £21,000 off the typical cost of a home. According to Rightmove, homes whose price was reduced found a buyer in an average of 119 days, whereas listings priced correctly from the start sold in 39 days. Richard Donnell, Rightmove's research director, noted that properties with a price cut are half as likely to find a buyer within the standard three-month period. Colleen Babcock of Rightmove said that after a price cut, buyers start asking questions even if there is nothing wrong with the home: 'In a market with this much choice, first impressions matter.'
Buyers have become more selective
Rival portal Zoopla said buyers are 'in the driving seat' and have become more cautious and pickier about viewings. With mortgage rates at a three-year high, they need to keep monthly payments affordable. According to Zoopla, in September the number of listings for sale rose 5% year on year, while the number of agreed sales fell 9%. A quarter of September's new listings had previously been on the market within the year, and six in ten returned at a lower price. September traditionally leads in price cuts, as sellers seek to complete a sale before the end of the year.
Views from market participants
Tara Lourance, Rightmove's operations director, explained that pricing is influenced by 'emotional' factors: sellers value the time and money invested in the home, while buyers compare everything available within their budget. Estate agent Craig Webster of Tiger Sales and Lettings in Blackpool stressed the importance of the right starting price. Katie Griffin of Sawdye and Harris in Devon noted that a price adjustment can lead to a sale even below the revised price. Andrew Boast of SAM Conveyancing countered that sellers may not lose money if they bargained aggressively when buying and the home has risen in value. Sellers who wrote to the BBC complained about an oversupply of listings and difficulties with leasehold properties in England; one of them, selling his father's house in Wales, said: 'The market is dead. Lots of sales, no one is buying.'
The Scottish contrast
Richard Donnell (the BBC article identifies him as a Zoopla employee) noted that in Scotland the Home Report system requires an independent valuation before a home is put up for sale, giving sellers a price benchmark. As a result, 74% of homes listed in Scotland in April–June sold within three months, versus 30% in London. He linked the lower likelihood of sale in southern England to high prices, stamp duty, and the fact that some owners, including landlords, are not obliged to sell.
Image source, Getty Images
