"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"
- Shepherd Ncube - Springbok Properties
New research from nationwide cash buying company Springbok Properties has found that 5,559 home sellers have reduced their asking prices within 30 days of listing, as slower market conditions continue ahead of the Autumn Budget.
Springbok Properties analysed the current property landscape to identify how many homes listed in the past 30 days have already had their prices cut. The findings show that across Britain, 6.2% of properties listed within the past month have seen a reduction in asking price.
England accounts for the vast majority of these reductions, with 5,258 sellers lowering their prices within the first month of listing, representing 6.4% of total listings during this period. In comparison, 183 reductions were recorded in Scotland (3.9%) and 158 in Wales (4.1%).
At a city level, Bristol recorded the highest proportion of immediate price cuts, with 9.8% of newly listed homes seeing reductions within the first 30 days. Bradford followed with 8.2%, while London ranked third. The capital saw 1,225 price reductions, representing 7.1% of all listings, and also accounted for the highest total number of reduced-price properties.
Other cities showing notable reductions included Leicester (6.4%), Birmingham (6.3%), and Brighton (6.2%). The smallest shares of early price cuts were recorded in Liverpool (2.9%) and Edinburgh (3.3%).
National breakdown:
England: 5,258 price cuts (6.4% of listings)
Scotland: 183 price cuts (3.9%)
Wales: 158 price cuts (4.1%)
Cities with the highest share of early reductions:
Bristol – 9.8% (87 from 892 listings)
Bradford – 8.2% (26 from 317)
London – 7.1% (1,225 from 17,302)
Leicester – 6.4% (28 from 435)
Birmingham – 6.3% (82 from 1,293)
Cities least affected:
Liverpool – 2.9%
Edinburgh – 3.3%
Cardiff – 3.6%
“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,” said Shepherd Ncube, CEO of Springbok Properties. “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.”
Ncube explained that, despite these reductions, many sellers are still struggling to attract buyers. “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,” he noted. “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. 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.”
