Property price reduction trends for 2019
When looking at reductions there are two key factors at play – the number of properties that have been reduced and the amount they have been reduced by.
On average, 34.3% of properties have received a price reduction so far this year, up on the 32.9% across the same period last year. The average size of reduction from first to last listing price so far this year has been 6.0%, similar to last year’s 5.9%.
Usually after the spring market, we see more properties being reduced and by a higher amount, but this year we’ve seen the size of reductions and the number of properties being reduced remain flat. This could be a sign that more sellers are taking their agent’s advice and recognising the need to be more price sensitive from the outset.
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Source: Rightmove data 2019