Sellers twice as likely to sell if priced right first time

Rightmove logo
  • Sellers are twice as likely to find a buyer for their home if they have an offer accepted on the first listed asking price:
    • A study of 300,000 newly-listed homes across four months shows those that needed to be reduced had a one in three chance of finding a buyer (32%) within the timeframe, compared to a 63% chance if priced right from the start
  • Over-priced homes could also cost sellers an extra 26 days on average to find a buyer:
    • The average time to find a buyer if a property is priced right is currently 21 days, rising to 47 days if it needs to be reduced
  • On average one in six properties (16%) have been reduced since May, slightly down from 18% for the same period last year
  • The average size of a reduction is 5%, down from 5.2% in 2019

New analysis out today from the UK’s biggest property website Rightmove shows that sellers are twice as likely to find a buyer for their home if the asking price it is first listed at does not have to change.

The study tracked over 300,000 homes that were first put up for sale between 13th May and 31st July, to see if they were subsequently reduced and also if they were marked under offer or Sold Subject to Contract. The cut-off date for any reductions or sales activity was 10th September.

Out of all properties put up for sale that were not reduced, 63% of them have been marked under offer or Sold Subject to Contract. Out of all properties put up for sale that had at least one reduction, only 32% of them have been marked under offer or Sold Subject to Contract.

Furthermore, homes priced right first time are on average getting an offer accepted 26 days more quickly than those that have had to have at least one reduction before they get an offer accepted.

In the current market, for those properties that haven’t been reduced and that have found a buyer, the average number of days from first listed to finding a buyer is 21. For those that have been reduced and have found a buyer, the average is 47 days.

Currently one in six properties (16%) on Rightmove have had at least one reduction since May. This is an improvement on the 18% for the same period last year. The average size of a reduction is also slightly lower, at 5%, compared to 5.2% last year. This means an average reduction of almost £16,000 based on the current national average asking price of £319,497.

London is the only region with more reductions than last year, up marginally from 19% to 20%.

Rightmove’s Director of Property Data Tim Bannister says: “This analysis shows just how vital it is that sellers listen to their agent when they recommend the asking price that the property should be listed at. If sellers are serious about selling, then starting with too high an asking price can cause unnecessary delays, and also make it a lot less likely they will actually find a buyer in the end. The temporary stamp duty holiday means more sellers are in a hurry to get a sale through conveyancing, and with this also taking longer at the minute a realistic asking price could soon end up being the difference between completing in time or losing out on the savings. 

“A number of properties are reduced every year, and it’s important to say that not all cases are down to over-pricing. If there’s an area of lower demand than supply then a reduction may be needed if the seller needs to move. Also if prices have gone down in an area it’s understandable that a seller will be hesitant or may not be able to afford to put their home on for a lower price than they bought it for. But in the busy market we have right now there will also be some sellers who may think it’s worth a punt to ask for their home to be put up for sale for the same price as their neighbour across the road, when their neighbour may have extra room or their home may be in a better condition. A good local agent will be able to look at a number of things before valuing a home, such as the condition of the home and comparable properties, making them the experts at getting the price right first time.”

Rightmove

UK Property news updates shared directly from Rightmove PLC - the country's leading property portal.

You May Also Enjoy

how to present your property for sale
Breaking News

These are the property hotspots

These are the property hotspots bucking the SDLT deadline price slide Last week, the latest UK House Price Index from the Land Registry revealed a sharp 3.7% monthly drop in average UK house prices during April 2025, following the expiry of temporary stamp duty support at the end of March. Further analysis by eXp UK,…
Read More
Breaking News

Demand rebounds for Prime London property

Big ticket buyers returned to the capital in the spring months, the Prime London Demand Index from London lettings and estate agent Benham and Reeves has revealed. Between the first and second quarters there was a 1.8% uplift in ‘demand’ for homes between £2 and £10 million, which is calculated based on the proportion of…
Read More
Breaking News

Failing to refinance could see portfolio landlords hit with a £23,000 hike to mortgage costs

The latest research by specialist property finance expert, Rangewell, has revealed that buy-to-let portfolio investors who fail to take the appropriate action when it comes to refinancing could see their monthly mortgage costs climb by over £23,000, rather than a £8,500 reduction due to improvements to the mortgage landscape. Rangewell analysed the average amount owed through…
Read More
to let sign 2025
Breaking News

Section 21 Is Set to Go – What This Means for Landlords

By Allison Thompson, National Lettings Managing Director, Leaders The Renters’ Rights Bill is making its way through the House of Lords and, if passed in its current form, will bring major changes to how tenancies are ended. One of the most significant proposals is the abolition of Section 21, often referred to as the ‘no-fault…
Read More
Breaking News

Are falling mortgage rates fuelling a rise in buy-to-let investment?

By Sarah Thompson, Managing Director, Mortgage Scout The latest data from UK Finance shows that in the last quarter of 2024, the average buy-to-let (BTL) interest rate for new mortgage loans taken out was 5.09%, a drop of 0.61% on the previous year. And it seems that falling mortgage interest rates may well be having…
Read More
Breaking News

New survey reveals it now takes over 200 days to sell a home in the UK

The average number of days to sell your home in the UK now stands at 205 – the first time the 200-day mark has been broken. The longest time to sell is in inner London and the South-East at 222 days, closely followed by outer London at 221 days. The North-East is the best performing…
Read More