It’s taking sellers over twice as long on average to sell their homes when they have to reduce the price than when there’s no reduction, according to Zoopla.
The property portal said its latest research shows sellers should be realistic when it comes to pricing up their property if they’re serious about moving.
According to Zoopla, it takes 28 days on average to agree a sale where the asking price hasn’t been slashed.
But for sellers who’ve had to lower the price by 5% or more, the typical time to sell goes up to a whopping 73 days.
Around a fifth of homes put up for sale this month had their price cut by 5% or more, Zoopla said.
Executive director Richard Donnell said a rise in the supply of homes meant buyers had greater choice and prices would be kept in check.
But with mortgage rates still high, “buyers have less purchasing power than two to three years ago and remain price sensitive, meaning sellers can’t afford to get ahead of themselves on where to set the right price for their home”, he said.
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