British home sellers cut asking prices on thousands of properties daily

British home sellers cut asking prices on more than 3,000 properties a day on average during September, the BBC reported. Figures from property website Rightmove show that the total price reductions reached the highest monthly level recorded in 15 years. [1]

Rightmove stated that the surge in price cuts was partly driven by a glut of homes available on the market, according to the BBC. The website also attributed the trend to some sellers setting unrealistic initial price expectations for their properties. [1]

The BBC reported that the proportion of listed homes that eventually undergo a price reduction peaked in 2023. That proportion has remained relatively high since then. [1]

One Leicester seller named Stewart told the BBC that some properties were being filtered out of search results by potential buyers. He noted that he recently sold one property and was selling his late mother's home, both of which contained a leasehold element. [1]