Where Are Home Sellers Most Likely to Blink on Price?
Are too many homeowners starting with unrealistic asking prices? In August, 14.2% of homes for sale in the East of England had their prices reduced, among the highest proportions nationally. Discover what these reductions really tell us about buyer expectations and why getting your asking price right matters.
Asking prices are not always set in stone. Across Great Britain, thousands of sellers reduced their asking price during August, but the likelihood varied considerably depending on the region.
The East Midlands recorded the highest proportion, with 14.75% of homes currently for sale having their price reduced. The South East followed at 14.23%, narrowly ahead of the East of England at 14.20%. At the other end of the table, Scotland saw reductions on just 9.62% of available homes. Wales, the North West and London all remained below 13%.
So, does a higher percentage mean prices are falling? Not necessarily. It may indicate that more sellers originally entered the market with expectations above what buyers were prepared to pay. It could also suggest that competition between available homes is encouraging sellers to adjust sooner. The national picture is useful, but property markets are intensely local.
What is happening across a region may differ significantly from what is happening in your town, neighbourhood or price bracket.
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