Some 22.4% of properties that have sold over the last six months required at least one price reduction to achieve a sale, according to new data. 

The same figures suggest that 10.5% required multiple price reductions.

Properties that required a price reduction saw asking prices fall by an average of £27,916 before a sale was agreed. This level of reduction equates to an average of 11.35% of the original asking price.

Even after price reductions, owners accepted offers lower than the final asking price. Reduced properties eventually sold for an average of £39,333 less than their original asking price, and £9,750 less than their final asking price. 

This equates to 84.4% of their original asking price and 95.6% of their final asking price.

Danny Luke of Quick Move Now, which compiled the figures, says: “The property market is looking positive, with the Bank of England’s recent interest rate cut proving to be a much needed shot in the arm, but these figures show that price sensitivity is still a factor.

“There’s a lot more optimism within the market, from both homeowners and property professionals, which can be seen in the number of properties on the market and the optimistic asking prices properties are being marketed at. The biggest challenge for property professionals in the current market is knowing where to position properties in terms of price. Some properties are surprising estate agents with the level of demand they’re receiving, whilst others are getting far less attention than anticipated. This makes it difficult to price properties accurately. The key to securing a sale is to be responsive to the market and adapt your sales strategy and pricing quickly if your property isn’t achieving the expected amount of interest.

“The first two weeks of marketing a property are usually the busiest. If you’ve not had a good number of people through the door in the first two weeks, price is likely to be a prohibitive factor and you’d be wise to reassess how your property compares to others on the market.

“External factors have improved in recent months and properties are selling well, as long as they’re priced for today’s market.”