Home sellers are being forced to slash asking prices by 22% on average to get deals over the line, new data has revealed.

The figures, from conveyancing group Access Legal using Land Registry data across 161 local authorities, highlight the growing gap between what sellers hope to achieve and what buyers will actually pay.

London reductions

In central London, some boroughs are seeing average reductions of more than 50%, with over £600,000 knocked off agreed prices.

Large discounts are also being recorded in many other areas of the country, with some of the biggest reductions in Knowsley at 47%, and Bournemouth and Broxbourne at 43% and 42% respectively.

In Wakefield, Gateshead, Chorley and Caerphilly, sellers are having to accept offers around 40% below asking on average, but in Trafford, in contrast, properties are achieving around 39% above asking price.

When properties sit on the market for longer, buyers gain leverage and negotiations become more aggressive.”

The data also shows average completion times can stretch to around 605 days in Bournemouth, Christchurch and Poole, as sellers hold out on price and deals take longer to agree.

Mike Connelly (pictured), Head of Commercial, Conveyancing at Access Legal, suggests the cuts are being driven by affordability pressures, with buyers using lender valuations and surveys to push prices down during negotiations.

He says: “When properties sit on the market for longer, buyers gain leverage and negotiations become more aggressive.

“That often leads to late-stage price changes, which can put pressure on already fragile chains.”