Vendors slash prices as property market stalls ahead of Budget
New figures reveal around 6% of listed properties see a price cut within 30 days, in another sign the housing market is slowing down.
Many property sellers are slashing prices within 30 days of putting their home up for sale, as the market is suppressed by jitters ahead of next month’s Budget.
Around 6% of properties listed have seen a price cut in the first month with vendors concerned about a lack of interest.
Stark numbers
The numbers are particularly stark in England, as more than 5,250 asking prices were reduced, according to research by quick sale specialists Springbok Properties.
This week, the latest Rightmove HPI revealed there had been no ‘autumn bounce’ this year.
Average asking prices increased by just 0.3% this month to £371,422 – well below the 10-year average October increase of 1.1%.
Largest number
The Springbok research shows that across Britain as a whole, 5,559 homes have seen a price reduction within the first 30 days of hitting the market.
Bristol has seen the largest proportion of sellers reduce their asking prices almost immediately, with 9.8% of homes entering the market in the last 30 days already seeing a price cut.
Then, Bradford follows at 8.2%, while London ranks third, with 1,225 reductions across the capital, equating to 7.1% of total stock.
And Leicester (6.4%), Birmingham (6.3%), and Brighton (6.2%) also rank among the areas seeing the highest proportion of price cuts.
Home sellers across the nation are finding it increasingly difficult to secure a sale.”
Shepherd Ncube, CEO at Springbok Properties, says: “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”.
