Over 5,000 houses have seen their asking prices slashed within 30 days of entering the market as they struggle to find a buyer, research from Springbok Properties has revealed.
The research, which analysed over 19,000 UK sellers who utilised Springbok’s services, showed across Britain as a whole 5,559 homes have seen a price reduction almost immediately after entering the market.
This is equivalent to 6.2 per cent of total properties to have been listed for sale in this time period.
Springbok Properties CEO, Shepherd Ncube, said: “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, Ncube cautioned that reducing prices is not proving particularly effective in the current market and, whilst there is hope the market could pick up once the autumn Budget has passed and the dust settles, there’s certainly no guarantee.
“For those who need to sell sooner rather than later, there are other options. Quick sale and direct cash buying routes can provide an effective alternative, particularly for those already taking a hit on asking price,” he continued.
“So whilst they may sell for less than they may have liked, at least they can do so with certainty and to a timeframe of their choosing, allowing them to move before Christmas, if they should so wish.”
Regional disparity
Additionally, the research found that England has the highest number of reduced-price properties, with 5,258 sellers cutting their asking price within 30 days of entering the market.
This accounts for 6.4 per cent of all homes listed during this time period.
In comparison, Scotland saw 183 reductions, equal to 3.9 per cent of the homes in the region, and Wales saw 158, 4.1 per cent.
At a city level, Bristol saw the largest proportion of sellers reduce their asking prices quickly after entering the market, with 9.8 per cent of homes seeking a price cut within 30 days.
Bradford followed at 8.2 per cent, while London ranked third with 7.1 per cent, although the capital is home to the highest total number of asking price reduced properties.
tom.dunstan@ft.com
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