As many as one in 10 homes have a reduced asking price within a month of entering the market, a new survey claims.

House Buyer Bureau analysed the level of property for sale stock to have reached the market in the last 30 days and what percentage of these homes had already reduced their asking price since doing so. 

The research shows that over 85,000 homes have been listed for sale over the last month across the property market in England.*

Of these new homes to hit the market, 6,215 had already reduced their asking price, meaning that 7.3 per cent of all home sellers have almost immediately slashed their asking price expectations in order to entice a buyer. 

The East of England has seen the largest level of home sellers opt to reduce their asking price, with one in 10 homes listed in the last 30 days seeing a house price reduction. 

The South East (9.8 per cent) and London (8.8 per cent) are also home to some of the largest levels of properties reducing their price within a month of entering the market, followed by the East Midlands (6.5 per cent). South West (5.9 per cent) and West Midlands (5.7 per cent). 

Across the more affordable regions of Yorkshire and the Humber, the North West and North East the level of house price reductions on homes listed within the last months currently sits below 5.0 per cent. 

In terms of buyer demand for discounted property, the East Midlands sits top, with 8.1 per cent of all price reduced homes listed within the last 30 days already sold subject to contract or under offer. 

Managing director of House Buyer Bureau, Chris Hodgkinson, comments: “The property market has been cooling for some months now and we’ve already seen house prices start to normalise as the pandemic market boom fades into memory. 

“However, as our research shows, many sellers may still be acting with a degree of over optimism when entering the market and this is forcing them to have an almost immediate rethink where their asking price expectations are concerned.

“At the same time, it’s likely that widespread reports of declining house prices may have spurred many to lower their asking price in an attempt to secure a buyer before prices fall any further. But when looking at buyer demand for these reduced price homes, it’s clear that a reduction in asking price alone is not enough to boost interest and manufacture a quick sale.”