"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"
- Shepherd Ncube - Springbok Properties
New figures from cash buying company Springbok Properties show that 5,559 home sellers across Britain have reduced their asking prices within 30 days of listing, as a subdued market leaves many struggling to attract buyers ahead of the Autumn Budget.
The company reviewed homes listed for sale in the past 30 days to assess how many have already seen price reductions. The results indicate that 6.2% of newly listed homes have had their asking prices cut within this short period.
England recorded the highest share of reductions, with 5,258 sellers lowering prices within a month of listing, equal to 6.4% of all homes added to the market. In Scotland, 183 properties have had price drops (3.9%), while in Wales, 158 reductions were recorded (4.1%).
Bristol has seen the most significant early reductions, where 9.8% of homes listed in the last month have already had their prices cut. Bradford followed with 8.2%. London ranked third, with 1,225 price reductions, representing 7.1% of all listings, although the capital remains home to the highest total number of reduced-price properties overall.
Leicester (6.4%), Birmingham (6.3%), and Brighton (6.2%) also recorded notable levels of early cuts, while Liverpool (2.9%) and Edinburgh (3.3%) were among the least affected.
Across Britain:
The 5,559 homes that have reduced their asking prices within 30 days of listing represent 6.2% of all new listings.
England – 5,258 reductions (6.4%), Scotland – 183 reductions (3.9%), and Wales – 158 reductions (4.1%).
Cities with the highest proportion of early price cuts:
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)
Least affected cities:
Liverpool – 2.9%
Edinburgh – 3.3%
Cardiff – 3.6%
Shepherd Ncube, CEO of Springbok Properties, comments: “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.”
Ncube added, “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 explained. “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 the 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.”
