Why are so many homes reduced right now?

Deciding how much to ask for your home isn’t always easy. You might know what a neighbour sold for a few years ago. You might have spent money improving your home. Or perhaps you have a figure in mind that would make your next move possible. 

But buyers will be weighing up your home against everything else they can buy today. And with the number of homes for sale at a 12-year high, there are lots for them to compare against. 

That’s helping to make asking price reductions much more visible. September 2026 was the busiest month for asking price reductions in Rightmove’s data going back to September 2011, with just over 3,000 property listings a day on average reduced across the month. 

But there’s another figure that’s arguably more important if you’re thinking of selling: nearly three-quarters of homes sold this year didn’t need a price reduction at all. 

So, how can you improve your chances of getting the asking price right first time? 

Why so many asking prices are being reduced 

September is typically a more active month for reductions. But with so many homes available, the number of reduced listings was around 30% higher than usual. 

A bigger number of reductions doesn’t necessarily mean every seller is struggling. Part of what’s happening is simply that there are more homes to sell. 

Buyers are also thinking carefully about what they can comfortably spend each month while mortgage rates remain elevated. And some sellers may still have the much stronger Covid-era housing market in mind when deciding what their home is worth. 

Our property expert, Colleen Babcock, says: “For a seller, pricing can be emotional as well as rational.” 

That emotion is understandable. Your home isn’t simply an entry on a spreadsheet. It might represent years of work, memories and money spent making it yours. 

But none of those things necessarily determine what someone looking for a home is prepared to pay today. 

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What happens if I put my home on the market for too much? 

There’s an understandable temptation to start high. After all, couldn’t you reduce the asking price later if it’s not drumming up much interest? But our data suggests there’s a potential downside to that approach. 

Homes priced correctly from the outset find a buyer in 39 days on average, compared with 119 days for homes that later need a reduction. 

Craig Webster, Managing Director at Tiger Sales & Lettings in Blackpool, explains why those opening weeks can matter: 

“Getting the initial price right is so important because you are only new to the market once. When a property first launches, that’s when you have the greatest opportunity to capture the attention of active buyers who have been waiting for something like it.” 

And there’s no guarantee that a buyer who thinks a home is too expensive will make a lower offer. 

Katie Griffin, Director at Sawdye & Harris in Devon, says: “If the asking price is wrong during that period, buyers do not necessarily make a lower offer – increasingly, they simply move on to something they believe represents better value.” 

That’s particularly relevant when buyers have plenty of alternatives. 

Put simply, reducing an asking price later may make your home more competitive. But getting closer to the right price from the beginning could help it make a stronger first impression. 

How do I work out what my home is worth? 

A good starting point is evidence. Look at what similar properties nearby have actually sold for, rather than focusing only on their current asking prices. Then compare the homes you’re likely to be competing with if you put yours up for sale. 

An online estimate can give you an initial idea. Our Instant Valuation tool is designed for exactly this: getting an idea of what a home is worth, whether you’re thinking of selling or are simply curious.  

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But numbers can’t tell you everything. 

Katie Griffin says: “Valuation is not simply a mathematical exercise. The data gives you the evidence, but experience tells you how much weight to place on it and when there are genuine differentiators that the raw figures do not fully capture.” 

An agent can consider things that aren’t always obvious from the numbers alone, from your home’s condition and presentation, to its position, outlook, and setting.  

Agents also see what today’s buyers are doing. Katie adds: “We also have the benefit of seeing buyer behaviour in real time. We know what buyers are viewing, what they are rejecting and where they are prepared to compromise. That live feedback is often just as valuable as historic sold-price data.” 

That’s why it’s useful to combine the bigger picture with genuinely local knowledge. 

Should I choose the estate agent who gives me the highest valuation? 

A higher valuation can naturally sound more appealing. But the highest suggested asking price and the price a buyer is prepared to pay aren’t necessarily the same thing. 

Craig Webster recommends looking at the evidence supporting a valuation rather than the number alone: 

“I would always encourage sellers to challenge an agent on the evidence behind their valuation. Don’t necessarily choose the agent who gives you the highest number.” 

That’s also why asking several agents to value your property could help you build a fuller picture, particularly if you ask each one how they arrived at their figure. 

Our Agent Valuation tool is designed for people looking to sell. An agent visits the home, assesses its condition and features, and gives a professional valuation based on local market knowledge. It’s free, with no obligation.  

Thinking of selling? Get an Agent Valuation

 
“A good valuation should therefore be evidence-led, locally informed and backed by experience. The aim is not to tell a seller the highest number; it is to advise them on the price and marketing strategy most likely to generate genuine competition and achieve the strongest possible result,” says Craig. 

I’m selling in Scotland. Does anything work differently? 

Yes. There’s an additional consideration if you’re selling in Scotland. Dr John Boyle, Director of Research & Strategy at Rettie, explains: 

“In Scotland, the Home Report system can help establish a benchmark from the outset by providing an independent valuation before a property is brought to market.” 

But that benchmark doesn’t remove the need to consider what’s happening in the market when you sell. 

He adds: “Ultimately, homes priced in line with market reality are more likely to attract interest and achieve a successful outcome.” 

What if my home is worth less than I hoped? 

This can be one of the hardest parts of selling. You may have a particular figure in your head because of what you paid, what you’ve spent on renovations, or what homes nearby achieved when the market was stronger. 

But it’s helpful to look at your move as a whole, rather than your sale in isolation. 

Colleen explains: 

“The reality is that getting less for your current home may also mean paying less for your next one, but that’s often a difficult psychological hurdle for sellers to overcome.” 

It might feel tough to accept £285,000 for a home you paid £300,000 for. But if you’re also able to negotiate £15,000 off your next home, then your situation isn’t so bad.

Of course, everyone’s move and finances are different. The important thing is to consider both sides of your move rather than basing your asking price solely on the amount you’d like to get.

Is asking price the only thing that helps a home sell? 

No. Price matters, but presentation and quality of your home are important too. 

A home may have features that make it more desirable than other similar properties in the area, or aspects that buyers value differently. That’s one reason a professional valuation involves more than looking at an average sold price. 

As Katie Griffin says, an agent may consider “its position, outlook, plot, condition, parking, presentation, setting and the lifestyle it offers.” 

Craig Webster makes a similar point. Sold price data can help establish the evidence, while an experienced agent can interpret it alongside “the condition, presentation, position and individual characteristics of the property”. 

So don’t think of accurate pricing as pricing low. It’s about giving your home an asking price that reflects the market it’s entering, alongside a presentation and marketing strategy that shows it at its best. 

What’s the best place to start if you’re thinking of selling? 

You don’t need to decide on an asking price immediately. Start by getting a picture of your local market. Look at how much similar homes have sold for, see what’s currently available nearby and get an initial estimate for your own home. 

Then, if you’re seriously thinking about selling, an estate agent can bring those numbers together with their knowledge of your home and what local buyers are looking for. 

Nearly three-quarters of homes sold this year didn’t need a price reduction. And while a reduction can be the right move when circumstances change, the evidence suggests there’s real value in doing the groundwork before your home first appears on the market. 

Or, as Craig puts it: “Ultimately, a valuation shouldn’t be a number designed to win an instruction. It should be a strategy designed to achieve a sale.”

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Planning to put your home on sale soon? Take a look at our guide on preparing your home for sale, with more handy tips from agents.