Property sellers are twice as likely to find a buyer for their property if the original asking price does not change, according to Rightmove.
Analysis of over 300,000 listings between May 13 and July 31 shows that by September 10, 63% of those which did not have their asking price reduced were marked as Sold Subject to Contract.
During the same period, of all properties that had at least one asking price reduction, only 32% were marked Sold Subject to Contract.
Properties that do not have their asking prices reduced are selling 26 days quicker than those that have had at least one price reduction.
Rightmove reports that in the current market, it typically takes just 21 days to find a buyer if a property’s asking price is not reduced. Conversely, for properties with one or more price reduction, the time to sell increases to 47 days.
Some 16% of properties currently listed on the portal have had at least one price reduction since May, down from 18% during the same period last year.
The average size of a price reduction sits at 5%, down from 5.2% during the same period in 2019. This equates to an average price reduction of almost £16,000 based on the current national average asking price of £319,497.
“A number of properties are reduced every year, and it’s important to say that not all cases are down to over-pricing,” comments Rightmove’s director of property data, Tim Bannister.
“If there’s an area of lower demand than supply then a reduction may be needed if the seller needs to move. Also if prices have gone down in an area it’s understandable that a seller will be hesitant or may not be able to afford to put their home on for a lower price than they bought it for.”
He says that with more sellers looking to get deals done before the stamp duty holiday ends next March, the conveyancing process could take longer in the coming months.
Bannister explains that for this reason, a realistic asking price could end up being the difference between completing in time or losing out on the stamp duty savings.