1 month ago
UK homeowners reduce asking prices as buyers remain cautious
In the UK, many homeowners are finding it hard to sell their houses quickly because they initially set the prices too high.
Buyers are being careful and want good deals.
This means that homes that are priced too high take much longer to sell, sometimes needing several price cuts.
In London, some of the most expensive areas have seen big drops in house prices.
Experts say it's important to set a realistic price from the start to sell a home faster.
One in three property sales in the UK involved at least one asking price reduction.
Homes priced accurately sell in 28 days, while those needing one price reduction take 100 days.
Sellers reduce their asking price by an average of 4.4% each time.
London's premium market is under pressure, with some areas seeing significant price drops.
Buyers are cautious and prioritizing affordability, making it harder to sell overpriced properties.
- Who
- UK homeowners and buyers
- What
- Homeowners are reducing asking prices as buyers remain cautious
- Where
- United Kingdom, particularly London
- When
- Ongoing, with recent data up to May
- Why
- Buyers are prioritizing affordability and value, leading to longer sale times for overpriced properties
Sellers' Perspective
Buyers' Perspective
Price Reduction Necessity
Sellers' Perspective
Sellers aim for the highest possible valuation as their home is their largest financial asset.
Buyers' Perspective
Buyers are cautious and prioritize affordability and value, pushing back on high asking prices.
Market Impact
Sellers' Perspective
Overpricing leads to longer sale times and multiple price reductions, making the sale process more protracted.
Buyers' Perspective
Buyers benefit from lower prices and more negotiating power in a price-sensitive market.
Key facts
- Percentage of sales with price reductions
- 33%
- Average time to sell with accurate pricing
- 28 days
- Average time to sell with one price reduction
- 100 days
- Average price reduction per cut
- 4.4%
- Average price reduction after four cuts
- 15.4%
- House price change in City of London (year to May)
- -3.7%
- House price change in Westminster (year to May)
- -22.8%
- House price change in Kensington and Chelsea (year to May)
- -10.7%
Quotes
Lucian Cook
Residential research director at Savills
“The more you misprice the property, the more protracted the sale process will be, and many homeowners aim for the highest possible valuation. The research shows how important it is to set a realistic asking price from the beginning.”
easterneye.biz
Sources
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