An analysis of homes that have returned to the market after failing to find a buyer in 2023 suggests that sellers have cut their asking prices. 

The data shows that there are currently 2,019 properties that have returned to the market across Britain, having previously failed to sell. 

The largest proportion of returning homes are located in the South East of England which currently boasts 21 per cent of the national total. London and the East of England each have 13 per cent of returning homes, followed by the North West, East Midlands, West Midlands, and Yorkshire & Humber. 

The analysis shows that the average price of properties re-entering the market has a discount of £8,486, or 2.3 per cent. 

There are bigger discounts available on a regional level. In Scotland, it is 4.0 per cent; in London 3.9 per cent; followed by the East Midlands down 3.7 per cent; South West down 2.7 per cent; and North East down 2.0 per cent. 

A spokesperson for Yopa, which undertook the analysis, says: “There will have been lots of motivated sellers entering the market towards the back end of 2023, sellers who would have been hopeful of securing a sale before the Christmas break as market conditions started to improve. However, not all of them will have managed to do so and whether it was due to a transaction collapsing, or simply to reset ahead of the January rush, many will have decided to pull their property listing and re-enter the market come the new year.”