Property Asking Price Cuts Hit 3,000 Per Day-Highest Rate in 15 Years

Home sellers in Britain cut asking prices on more than 3,000 properties per day on average during September, according to figures from Rightmove shared exclusively with the BBC^[1]. The property website said the total was the highest of any month for 15 years and was driven, in part, by a glut of homes on the market and some sellers setting unrealistic expectations^[1].

The proportion of listed homes that eventually had a price cut peaked in 2023 and has remained relatively high since^[1]. Property portals say buyers are now having to be choosy, with many working to a tight budget as mortgage rates have risen to three-year highs^[1].

Scale and Pace of Price Reductions

Rightmove data showed the average price reduction was nearly 7%-the equivalent of nearly £21,000 cut from a typically valued home^[1]. Homes that had a price reduction typically took 119 days to find a buyer, compared with 39 days for those listed at one price^[1].

The proportion of listed homes that had a price reduction stood at 34% in September, only slightly lower than the recent peak of 36% seen in September 2023^[1].

"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^[1]. "In a market with so much choice, first impressions matter."^[1]

Buyer Caution and Market Imbalance

Rival property portal Zoopla said that buyers were in the driving seat, and were being more cautious and selective about the properties they viewed^[1]. With mortgage rates at a three-year high, Zoopla said buyers needed to keep monthly mortgage payments affordable^[1].

While 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, Zoopla's figures showed^[1].

September also tends to be the month with the most cuts to asking prices as sellers often want to complete a sale by the end of the year^[1]. Zoopla's data showed that a quarter of newly-listed homes in September had previously been listed for sale in the last year, with six in ten returning at a lower asking price^[1].

Properties that needed a price reduction were half as likely to find a buyer within the normal three-month timeframe, according to Richard Donnell, executive director of research at Rightmove^[1].

Seller Challenges

Sellers who have contacted the BBC's Your Voice have pointed to the difficulties created by lots of homes on the market, and extra problems for those selling leasehold properties in England^[1].

UK Company Register Context

The CompanyPulse database does not currently provide sector-specific insolvency or dissolution statistics for the residential property sector. However, economy-wide insolvency figures across the entire UK company register show 149,595 companies in liquidation, 49,424 in administration, 36,511 in voluntary arrangement, and 564 in receivership as of mid-October 2026^[2]. These figures represent all UK companies across all sectors and cannot be attributed to the property industry specifically.

Across the UK register as a whole, 5,418,439 companies are currently active out of a total of 6,889,003 registered companies^[2]. In the seven days to 19 October 2026, 15,628 new companies were incorporated across all sectors^[2].

Outlook

The combination of high mortgage rates, increased buyer selectivity, and a rising stock of homes for sale suggests the pressure on sellers to reduce asking prices may persist in the coming months. The 15-year high in daily price reductions reflects a market recalibration as sellers adjust expectations to match tighter buyer budgets and more cautious lending conditions.

With mortgage rates at three-year highs and sales agreed down 9% year-on-year despite a 5% increase in homes for sale, the current market dynamics favour buyers willing to wait for sellers to meet their price expectations. Properties avoiding price reductions continue to sell significantly faster-39 days versus 119 days-suggesting that accurate initial pricing remains the most effective sales strategy in the current environment.