Asking price cuts hit 15-year high at over 3,000 homes a day

Home sellers in Britain cut asking prices on more than 3,000 properties a day on average during September, according to property portal figures shared with the BBC (19 October 2026). That was the highest of any month for 15 years. Official figures released two days later show annual growth in completed sales prices slowing for a fourth consecutive month.

How big is the wave of asking price cuts?

The portal behind the BBC figures said the September total was driven, in part, by a glut of homes on the market (BBC, 19 October 2026). Some sellers setting unrealistic expectations also played a part. The average reduction was nearly 7%, the equivalent of nearly £21,000 cut from a typically valued home.

But a single month needs context. The BBC reported that September tends to be the month with the most asking price cuts, as sellers often want to complete a sale by the end of the year. So a comparison with past Septembers matters more than the monthly spike.

On the share of listed homes cut, this September was high but not a new peak. The proportion of listed homes with a price reduction stood at 34% in September, only slightly lower than the recent peak of 36% in September 2023 (BBC). The share peaked in 2023 and has remained relatively high since.

Time on the market tells the same story. Homes that had a price reduction typically took 119 days to find a buyer, compared with 39 days for those listed at one price, according to the same data. That gap is 80 days.

What share of homes for sale in England has been reduced?

A separate count points the same way, but it measures something different. Analysis by eXp UK of property portal listings, reported by PropertyWire (21 October 2026), found that 165,647 of the 403,962 properties on the market in England had been reduced. That is 41% of available stock.

The figure excludes homes under offer or sold subject to contract (a sale agreed but not yet legally complete). It is a snapshot of current stock in England only, so it does not compare directly with the 34% figure shared with the BBC.

The regional split is where the gap between areas shows. The South East recorded the highest proportion of reduced homes at 43.9%, followed by the East of England at 42.2% and the East Midlands at 41.7% (PropertyWire). London and the South West both registered 41.2%.

The direction of travel varies too. Reduced stock rose by 5,786 properties, or 3.6%, compared with August. The West Midlands saw the sharpest rise at 7.7%, while London was largely flat at 0.1%.

What are completed sales prices doing?

Asking prices are what sellers hope for. Completed sales prices are what buyers actually pay, and the official measure of those moved more slowly.

The UK House Price Index (the official measure of completed sales prices) was published by the Office for National Statistics on 21 October 2026. It showed UK prices rose 0.9% in the 12 months to August 2026, to an average of £273,000. That was down from 1.2% in the 12 months to July. The ONS said it was the fourth consecutive month of slowing in the UK annual rate.

England was weaker still. The average price rose 0.4% to £294,000, down from 0.9% in the 12 months to July (ONS). London prices fell 2.2% year-on-year, driven by flats, which fell 5.0%. The North East recorded the highest annual rise among English regions at 3.2%.

One caveat applies. The ONS said its first estimate for August is provisional, based on sales volumes reflecting around 53% of all sales in Great Britain that month. And it covers August, while the asking price data covers September.

What does this mean when you negotiate on a purchase?

The underlying picture is more stock and fewer agreed sales. Figures from a second property portal, reported by the BBC, showed homes for sale up 5% in September compared with a year earlier. Sales agreed fell 9% over the same period. That portal said buyers were in the driving seat.

Its data also showed that a quarter of newly listed homes in September had previously been listed for sale in the last year (BBC). Six in 10 of those were returning at a lower asking price. Properties that needed a price reduction were half as likely to find a buyer within the normal three-month timeframe.

For an investor, a reduction history is a data point to weigh, not a guarantee of a motivated seller. You may wish to use our deal sourcing software to spot motivated sellers before you make an offer. Our guides to negotiation and finance cover how to structure an offer around that evidence.

Professionals quoted by the BBC stressed the cost of a wrong first price. Katie Griffin, of surveyors Sawdye and Harris in Devon, said having to correct a price could lead a seller to accept less than even a revised asking price.

Affordability sits behind all of this. Property portals say many buyers are working to a tight budget as mortgage rates have risen to three-year highs, the BBC reported. Before you bid, consider testing the deal at a higher rate with our free buy-to-let stress test calculator.

Scotland shows the contrast. Its Home Report system requires an independent valuation before a home goes on the market (BBC). Of Scottish homes listed in April, May and June, 74% sold within three months, against 30% in London. For a wider view of where each approach fits, our property investment strategies hub compares the options.

Key takeaways

• Sellers in Britain cut asking prices on more than 3,000 homes a day on average in September, the most for any month in 15 years (data shared with the BBC).

• 34% of listed homes had a price reduction in September, just below the 36% peak of September 2023.

• Reduced homes typically took 119 days to find a buyer, against 39 days for homes listed at one price.

• 41% of homes for sale in England had a reduced asking price, highest in the South East at 43.9% (eXp UK analysis, via PropertyWire).

• UK completed sales prices rose 0.9% in the 12 months to August 2026, the fourth consecutive month of slowing (ONS).