UK Home Sellers Cut Prices on 3,000 Properties Daily as Market Tilts in Favour of Buyers

Record volume of price reductions driven by glut of homes and three-year highs in mortgage rates, data from Rightmove and Zoopla shows

By LineZotpaper

Published19 October 2026

Read Time3 min

British home sellers are cutting asking prices on more than 3,000 properties a day, the highest monthly total in 15 years, according to data from property website Rightmove shared with the BBC. The market is shifting firmly in favour of buyers, who are becoming increasingly selective as they grapple with tight budgets and the highest mortgage rates in three years.

Home sellers in Britain cut asking prices on more than 3,000 properties a day during September, the highest monthly total for 15 years, according to property website Rightmove. The data, shared exclusively with the BBC, shows the trend is driven by a glut of homes on the market and some sellers setting unrealistic expectations.

Rightmove said the average price reduction was nearly 7%, the equivalent of nearly £21,000 cut from a typically valued home. Rival property portal Zoopla noted that buyers were in the driving seat, being more cautious and selective about the properties they viewed. With mortgage rates at a three-year high, Zoopla said buyers needed to keep monthly payments affordable. Its figures show the number of homes for sale rose 5% in September compared to a year earlier, but the number of sales agreed fell by 9% over the same period.

"Once a home has been on the market for a while and then has a price reduction, some buyers start asking questions, even when there is nothing wrong with the property," said Colleen Babcock of Rightmove. "In a market with so much choice, first impressions matter."

Homes that had a price reduction typically took 119 days to find a buyer, compared with 39 days for those listed at one price. Richard Donnell, executive director of research at Rightmove, said properties that needed a price reduction were half as likely to find a buyer within the normal three-month timeframe.

Sellers have pointed to the difficulties created by lots of homes on the market and extra problems for those selling leasehold properties in England. One seller, attempting to sell his late father's home in south Wales, said: "The market is dead. Lots for sale; no-one buying. No-one thinks it's going to get easier."

Tarah Lourens, chief operating officer at Rightmove, observed that "emotional" factors influenced sellers pricing a home, as they "put a value on the time and money they have invested in their home". But buyers, she said, simply considered everything they could buy at their budget.

Agents stressed that getting the initial price correct is crucial. Craig Webster, of Tiger Sales and Lettings in Blackpool, said the initial listing is "when you have the greatest opportunity to capture the attention of active buyers." Katie Griffin, from surveyors Sawdye and Harris in Devon, said that having to correct a price could ultimately lead to a seller accepting less than even a revised asking price. However, Andrew Boast, chief executive of SAM Conveyancing, said sellers might still not be losing out if they had negotiated aggressively when buying the home and had seen it rise in value while they owned it.

Regional differences remain stark. Scotland requires an independent valuation before a home is marketed through its Home Report system. Data from Zoopla showed 74% of homes in Scotland listed between April and June sold within three months, compared to just 30% in London.

Analysis

Why This Matters

The market shift directly affects thousands of homeowners trying to sell while buyers face a significant affordability crunch.
A slowdown in housing transaction volumes can ripple through the wider economy, affecting moving services, renovations, and consumer sentiment.
The stark regional divergence between Scotland and London underscores deep structural differences in the UK property market.

Background

The UK housing market experienced a boom during the pandemic as buyers searched for more space, driving prices higher. The Bank of England's cycle of interest rate rises has pushed mortgage costs to three-year highs, sharply curbing buyer demand. September is traditionally a busy selling period, but this year it has been marked by an oversupply of homes and a standoff between seller price expectations and buyer financial reality.

Key Perspectives

Home Sellers: Many sellers are reluctant to lower prices, attaching emotional value to their homes and the improvements they have made. The risk of overpricing is a prolonged sale or ultimately accepting a lower offer than a realistic initial price would have secured. Buyers: With high mortgage rates and a wide choice of properties, buyers are in a strong position to be selective and negotiate hard. Their focus is on affordability and ensuring monthly payments fit their budgets. Estate Agents and Surveyors: Professionals in the market advocate for data-driven, realistic pricing from the start. They warn that price reductions can create a stigma around a property, often leading to a lower final sale price.

What to Watch

Whether the proportion of listed homes seeing price reductions surpasses the 36% peak recorded in September 2023.
The trajectory of mortgage rates and any potential easing by the Bank of England, which could shift the balance of power back to sellers.
How the market in Southern England performs relative to Scotland, where the mandatory Home Report system appears to streamline sales.

Sources

Home sellers cut asking prices on 3,000 properties a day · BBC News

Checked

10 claims in this story checked against 1 source: 7 supported.

Show each claim

SupportedSellers cut asking prices on more than 3,000 properties a day in September (headline and opening).BBC News: “Home sellers cut asking prices on more than 3,000 properties a day on average in Britain during September”
SupportedThe September total was the highest monthly total in 15 years (opening paragraph).BBC News: “the total was the highest of any month for 15 years”
Partly supportedThe summary calls the volume of price reductions a 'record'.BBC News: “the total was the highest of any month for 15 years”
Partly supportedThe price-cut trend is 'driven by a glut of homes on the market and some sellers setting unrealistic expectations' (summary).BBC News: “was driven, in part, by a glut of homes on the market and some sellers setting unrealistic expectations”
SupportedThe average price reduction was nearly 7%, the equivalent of nearly £21,000 from a typically valued home.BBC News: “Rightmove data said the average price reduction was nearly 7% - the equivalent of nearly £21,000 cut from a typically valued home”
SupportedMortgage rates are at their highest in three years, and buyers are working to tight budgets.BBC News: “as mortgage rates have risen to three-year highs”
SupportedHomes with a price reduction took 119 days to find a buyer, compared with 39 days for those listed at one price.BBC News: “homes that had a price reduction typically took 119 days to find a buyer, compared with 39 days for those listed at one price”
SupportedZoopla says the number of homes for sale rose 5% in September year on year while sales agreed fell 9%.BBC News: “the number of homes for sale was up 5% in September compared with a year earlier, the number of sales agreed had fallen by 9% over the same period”
SupportedScotland's Home Report regime means 74% of homes listed April to June sold within three months, versus 30% in London.BBC News: “His data showed that 74% of homes in Scotland listed during April, May and June sold within three months, compared with 30% in London.”
Partly supportedThe market is 'shifting firmly in favour of buyers' (opening paragraph).BBC News: “Property portals say buyers are now having to be choosy”