5,600 sellers slash asking price within first 30 days
5,600 home sellers slash asking price within first 30 days of hitting the market, as market stagnates ahead of Autumn Budget
The latest research from nationwide cash buying company and quick sale specialists, Springbok Properties, has revealed that as many as 5,559 home sellers have slashed their asking prices within 30 days of entering the market, as they struggle to find buyers in an increasingly stagnant market.
Springbok Properties analysed the current market landscape* looking at the number of homes to have been listed for sale within the last 30 days and what proportion of these homes have already had their asking price reduced.
The research shows that, across Britain as a whole, 5,559 homes have seen a price reduction within the first 30 days of hitting the market, equivalent to 6.2% of total properties to have been listed for sale in this time period.
England is home to the highest number of reduced-price properties, with 5,258 sellers cutting their asking price within 30 days of entering the market, accounting for 6.4% of all homes listed during this time period.
In comparison, 183 reductions have been recorded across Scotland (3.9%) and 158 in Wales (4.1%).
At a city level, Bristol has seen the largest proportion of sellers reduce their asking prices almost immediately, with 9.8% of homes entering the market in the last 30 days already seeing a price cut.
Bradford follows at 8.2%, while London ranks third, with 1,225 reductions across the capital, equating to 7.1% of total stock – although London is home to the highest total number of asking price reduced properties.
Leicester (6.4%), Birmingham (6.3%), and Brighton (6.2%) also rank among the areas seeing the highest proportion of price cuts within 30 days of listing, while Liverpool (2.9%) and Edinburgh (3.3%) have been the least impacted.
Shepherd Ncube, CEO of Springbok Properties, commented:
“Home sellers across the nation are finding it increasingly difficult to secure a sale, as the market grinds to a halt ahead of the Autumn Budget and buyers adopt a wait and see mentality.
So it’s no surprise to see such a significant number of properties subject to an asking price reduction within the first 30 days of being listed for sale, as this is a tactic often deployed to entice hesitant buyers when there is little to no interest in a house.
However, this simply isn’t proving effective in the current market and, whilst there is hope that the market could pick up once the Autumn Budget has passed and the dust settles, there’s certainly no guarantee.
For those who need to sell sooner rather than later, there are other options. Quick sale and direct cash buying routes can provide an effective alternative, particularly for those already taking a hit on asking price. So whilst they may sell for less than they may have liked, at least they can do so with certainty and to a timeframe of their choosing, allowing them to move before Christmas, if they should so wish.”
Total homes with reduced asking prices (within first 30 days of listing): 5,559 across Great Britain
Share of all listings from the last 30 days: 6.2%
By nation:
England – 5,258 price cuts (6.4% of listings)
Scotland – 183 price cuts (3.9%)
Wales – 158 price cuts (4.1%)
Worst-hit cities by share of listings reduced within 30 days of hitting the market:
Bristol – 9.8% (87 reductions from 892 listings)
Bradford – 8.2% (26 from 317)
London – 7.1% (1,225 from 17,302)
Leicester – 6.4% (28 from 435)
Birmingham – 6.3% (82 from 1,293)
Least affected cities: Liverpool (2.9%), Edinburgh (3.3%), Cardiff (3.6%)
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