The number of homes undergoing an asking price reduction has jumped by 10.8% year on year, as sellers are forced to adjust expectations to secure a buyer, suggests House Buyer Bureau, which analysed TwentyCI data.

The analysis also shows fall-throughs have increased by 4.5%, underlining how fragile the sales process remains even once a buyer has been found.

The number of properties withdrawn from the market has also risen by 7.6% annually, as more sellers abandon attempts to sell.

Difficult path

While new instructions have increased by 2.1% during the past year, the group reports that many of those entering the market are facing a difficult path to completion.

Chris Hodgkinson (pictured), Managing Director of House Buyer Bureau, says: “These figures show that the experience for many sellers remains incredibly difficult.

“More homes are selling, and more transactions are reaching exchange, but this increase has been largely driven by the fact that sellers are being forced to lower their asking price in order to secure a buyer.

Many sellers are simply giving up and withdrawing from the market altogether.”

“At the same time, we’re still seeing a growing number of sales collapse, and many sellers are simply giving up and withdrawing from the market altogether because they have become exhausted by the process.

“The reality is that selling a home remains a long, uncertain and often costly experience. Buyers are taking longer to commit, affordability remains stretched, and chains are still incredibly fragile.”

He added that many sellers are turning to quick-sale platforms in search of greater certainty.