A property firm claimsthat as many as 5,559 sellers have slashed asking prices within 30 days of entering the market – giving an opportunity for investment buyers to make an opportunistic purchase.
Springbok Properties analysed 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.
A Springbok spokesperson says: “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.”
