Home sellers cut asking prices on 3,000 properties a day, says Rightmove
British property sellers reduced asking prices on an average of more than 3,000 properties daily during September, according to data from Rightmove shared with the BBC. This rate represents the highest volume of reductions recorded in any month over a 15-year period. High mortgage rates have slowed housing market activity, leading sellers to adjust expectations and giving buyers increased leverage. Similar cooling trends have also surfaced in the United States, where listing prices fell for the first time since March, and in select regional markets across Utah.
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- ✓ British home sellers slashed asking prices on over 3,000 properties daily in September.
- ✓ The September data marks the highest volume of asking price cuts in any month for 15 years.
What changed
Rightmove data shared with the BBC revealed that UK home price reductions reached a 15-year monthly high in September.
Live updates
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UK Home Sellers Cut Asking Prices on 3000 Properties Daily
British property sellers reduced asking prices on an average of more than 3,000 properties daily during September, according to data from Rightmove shared with the BBC. This rate represents the highest volume of reductions recorded in any month over a 15-year period. High mortgage rates have slowed housing market activity, leading sellers to adjust expectations and giving buyers increased leverage. Similar cooling trends have also surfaced in the United States, where listing prices fell for the first time since March, and in select regional markets across Utah.
Why it matters
The surge in price reductions highlights a broader cooling trend across residential real estate markets as elevated borrowing costs weigh on demand. Sellers face increased competition and slower transaction speeds, forcing many to reevaluate their pricing strategies to attract buyers. These adjustments mark a shift in market dynamics after years of upward price pressure.
What is confirmed
- British home sellers slashed asking prices on over 3,000 properties daily in September.
- The September data marks the highest volume of asking price cuts in any month for 15 years.
Still unconfirmed
- Sellers who contacted the BBC pointed to difficulties created by excess inventory on the market and extra problems for those selling.
What to watch next
- Further monthly property market data from Rightmove and Redfin indicating whether price cuts accelerate or stabilize.
- Changes in central bank interest rates and commercial mortgage rates that could impact buyer affordability.
confidence 95%Sources used for this update (14)
- www.bbc.com — BBC Home - Breaking News, World News, US News, Sports, Business...
- www.cheddar.com — Big Business This Week: Why Might U.S. Firms Move To Twice-Yearly Reporting?
- BBC — Home sellers cut asking prices on 3,000 properties a day, says Rightmove
- Lesprom Network — U.S. home asking prices fall for first time since March
- Hindustan Times — US home sellers turn to mortgage rate buydowns as high rates slow home sales
- The Salt Lake Tribune — Utah home prices: Five counties saw sellers slash their asking prices
- themortgagepoint.com — Redfin Announces First Decline in Listing Prices Since March
- Sacramento Appraisal Blog — Price discovery & demand destruction
- www.bbc.co.uk — Home sellers cut asking prices on 3,000 properties a day, says Rightmove - BBC News
- euobserver.com — MEPs push to use EU regional funds for affordable housing and climate‑proofing cities – EUobserver
- superpowerdaily.com — SF Compute founder explains why standardized compute contracts remain far away | Superpower Daily
- nz.news.yahoo.com — Home sellers cut asking prices as mortgage rates soar - Yahoo
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