Sellers in the UK have been reducing the asking price of more than 3,000 properties a day on average in September. This is the highest result for a single month in 15 years, according to data from Rightmove, provided to the BBC.
The large number of adjustments is related to the surplus of homes on the market and the expectations of sellers that do not match the actual demand. The proportion of properties listed for which a reduction has subsequently been made peaked in 2023 and remains relatively high.
Buyers have more choice
There are more offers on the market, while many buyers are working with a limited budget. Mortgage rates have hit their highest level in three years, further limiting the amount of money households can spend on a home.
“When a home has been on the market for a while and then its price is reduced, some buyers start to have questions, even if there is nothing wrong with the property,“ says Colleen Babcock of Rightmove. She says with so much choice, first impressions count.
A property sold after 18 months
Stuart, from Leicester, has sold a property and is now putting his late mother's home up for sale. In both cases, there is an element of leasehold - a form of ownership where the buyer acquires the right to the property for a certain period of time, but not the land on which it is built. He says more and more buyers are avoiding such properties.
Stewart turned down an offer made the day after the listing was published because it was below the asking price. No better offers followed. The property remained on the market for 18 months and was eventually sold for £30,000 below the initial asking price.
Detailed statistics on average property prices in Bulgaria by city and neighborhood can be found at imot.bg