More than two in five homes currently listed for sale in England have undergone asking price reductions, according to analysis of market data by eXP UK.
The firm’s research, based on Zoopla listings, found that 165,647 of the 403,962 properties on the market have been reduced, representing 41% of available stock. The figure excludes homes under offer or sold subject to contract.
This marks an increase of 5,786 properties, or 3.6%, compared to August, suggesting a continuation of the challenging market conditions that have characterised much of the year.
Regional variations
The South East recorded the highest proportion of reduced homes at 43.9%, followed by the East of England at 42.2% and the East Midlands at 41.7%. London and the South West both registered 41.2%, with all five regions exceeding the national average.
The West Midlands experienced the sharpest rise in reduced stock since August, increasing by 7.7%, followed by the East of England at 6.2%. The South West rose 4.8%, Yorkshire and the Humber 4.7%, the South East 4.1%, and the East Midlands 3.8%.
London remained largely flat with only a 0.1% increase, whilst the North East recorded a 0.2% rise.
Market implications
Adam Day, head of eXp UK and Europe, stated: “The fact that more than four in ten homes currently for sale have already undergone an asking-price reduction demonstrates just how important getting the pricing strategy right has become as tougher market conditions have materialised this year.”
He acknowledged that price reductions are not necessarily indicative of agent error, noting that “there will always be properties that require an adjustment during the marketing process.” However, he emphasised that the substantial proportion of reduced stock suggests many sellers are reconsidering their initial expectations.
The data emerges as estate agents remain sceptical about recent Budget support measures for the housing market, whilst mortgage product availability continues to fluctuate.
Day recommended that agents focus on setting realistic expectations from the outset, providing regular updates on viewing activity and buyer feedback, and demonstrating how properties perform against the wider local market to help vendors make informed decisions.
The findings highlight the ongoing adjustment in the English property market as sellers respond to changing buyer sentiment and economic conditions throughout the year.
