15 in 100: why so few of our listings need a price reduction 🏡
Over the last 12 months, we made 15 price reductions for every 100 homes we listed. The other two main agents in the area made 50 and 54. It’s a number we’re proud of, but it matters more to you than it does to us.
Why a price reduction is more than a new number.
A reduction can look like a small adjustment on paper. In practice, it usually means the first few weeks on the market haven’t worked. And those weeks are the ones that matter most. When a home first goes live, it gets its highest exposure on Rightmove and Zoopla. Buyers with alerts see it first and form a view quickly. If the price puts them off, most won’t come back when it drops. By then, the listing isn’t new, and they’ve already moved on to something else.
What reductions actually cost sellers.
The national figures are clear. Homes that sell without a price reduction take an average of 36 days to find a buyer. Homes that need at least one reduction take an average of 127 days, more than three months longer. They also sell for £33,597 less than their original asking price on average, and each further reduction costs around £12,000 on top. Over 36% of UK homes listed last year needed at least one reduction before they sold.
That’s the part people don’t always see coming. A home that starts too high doesn’t just come down to where it should have been. It often ends up selling for less than a similar home that was priced correctly from day one, because it has spent weeks looking like something buyers didn’t want.
Why so many reductions happen.
Sometimes the market moves, and a reduction is the right call. More often, the price was too high from the start. Sellers naturally want the best possible price, and some agents know that the highest valuation is the easiest way to win an instruction. Once the contract is signed, the reduction conversation tends to follow a few weeks later.
We’d rather have the harder conversation at the start. If we think your home is worth less than you were hoping, we’ll tell you, and we’ll show you why.
How we arrive at a figure.
Our valuations are built on what buyers have actually paid, not on what other homes are being advertised for. Asking prices tell you what sellers hope for. Sold prices tell you what the market will pay. When Sam values your home, she will:
- Look at recent sold prices on and around your road, not just a postcode average.
- Take account of the things records miss, such as extensions, condition, the plot and where the home sits.
- Compare it with what’s currently for sale, so you know what your home will be up against on the portals.
- Explain the figure in plain English, including the range we think is realistic and why.
- Tell you what we think, even when it’s not what you wanted to hear.
Does fewer reductions mean a lower asking price?
It’s a fair question, and the answer is no. Pricing accurately isn’t the same as pricing low. The aim is to go to market at the figure that attracts the right buyers straight away, so you’re negotiating from a position of interest rather than from a listing that’s gone quiet. A home that attracts several viewings early puts you in a far better position to hold your price than one that has already been reduced twice.
When we would suggest a reduction.
We won’t pretend it never happens. If the market shifts or viewing feedback consistently points to the same issue, we’ll tell you early and explain the options. Sometimes the answer is price. Sometimes it’s presentation, photos or timing. The choice is always yours, and you’ll have the information to make it properly.
How the numbers fit together.
Fewer reductions don’t happen in isolation. Over the same 12 months, our average time on the market was 159 days, compared with 181 and 190 days for the other two main agents in the area. A realistic price, a well prepared listing and the right exposure at the start all feed into each other.
