Home sellers cut asking prices on 3,000 properties a day

More than 3,000 British homes a day had their asking prices reduced on average in September, according to a BBC article citing Rightmove data. The monthly total was the highest recorded in 15 years.

The reductions were associated with longer waits for sellers. Homes whose prices were cut typically took 119 days to find a buyer, compared with 39 days for homes that sold without a reduction, Rightmove data showed.

The average cut was 6.6%, or close to 7%. That was equivalent to about £21,000 on a typical property. Rightmove also said homes were 13% more likely to sell when they did not require a price reduction.

Separate Zoopla data showed that homes available for sale were 5% higher than a year earlier, while agreed sales were 9% lower. Average mortgage rates reached 5.2%, their highest level in three years, according to Zoopla.

Together, the figures describe a market with more properties available, fewer agreed sales and continued pressure on sellers to adjust asking prices.