More than 5,500 home sellers in Britain have reduced their asking prices within the first 30 days of listing, according to new analysis, highlighting growing signs of stagnation in the housing market.
The figures, compiled by Springbok Properties, show that 5,559 properties – or 6.2% of all homes listed in the last month – have already seen a price cut as sellers respond to weaker demand.
The data, based on current listings on Zoopla, comes amid continued uncertainty in the property market, with buyers appearing more cautious in the run-up to the Autumn Budget.
England accounted for the vast majority of early reductions, with 5,258 properties — 6.4% of new listings — subject to a price cut within 30 days. In comparison, just 183 homes in Scotland (3.9%) and 158 in Wales (4.1%) were reduced in the same period.
At the city level, Bristol recorded the highest proportion of price cuts, with 9.8% of homes listed in the last 30 days having already been reduced. Bradford followed at 8.2%, while London saw the highest number of reductions in absolute terms — 1,225 homes — representing 7.1% of its new listings.
Other cities with high proportions of early price cuts included Leicester (6.4%), Birmingham (6.3%) and Brighton (6.2%).
Liverpool (2.9%) and Edinburgh (3.3%) were among the least affected, suggesting stronger pricing resilience or lower listing volumes in those markets.
The findings underscore growing pressure on sellers to adjust pricing expectations amid slowing market activity and heightened economic uncertainty.
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.”
Read the orginal article: https://propertyindustryeye.com/vendors-forced-to-cut-asking-prices-amid-cooling-housing-market/
