Headline: UK House Sellers Slash Asking Prices on Over 3,000 Properties Daily as Market Slows

Date: 19 October 2026

Tags: UK News, Property, Housing Market, Economy

Summary:

• Home sellers reduced asking prices on more than 3,000 properties daily during September, the highest monthly total in 15 years.

• Rightmove reported that 34% of listed properties experienced price reductions, compared with a recent peak of 36% in September 2023.

• The average asking price reduction was nearly 7%, equivalent to approximately £21,000 for a typical property.

• Properties requiring price reductions took an average of 119 days to find buyers, compared with 39 days for unchanged listings.

• Mortgage rates reaching three-year highs have made buyers more cautious and focused on affordability.

• The number of homes available increased 5% annually in September, while agreed sales declined 9%.

• A quarter of newly listed September properties had previously been marketed within the past year.

• Six in ten returning properties were relisted at lower asking prices.

• In Scotland, 74% of homes listed between April and June sold within three months, compared with 30% in London.

• Property experts warned that unrealistic initial asking prices could delay sales and ultimately result in lower offers.

Why this matters: Higher mortgage costs and increased housing supply are strengthening buyers' negotiating positions. Sellers face longer waiting periods and greater pressure to reduce asking prices.

What's next: Sellers may need to set more competitive asking prices to attract buyers, particularly as higher mortgage rates continue to constrain affordability.