The UK property market is plagued by a trend of overpriced homes taking far longer to sell than those priced accurately from the outset, according to new research from Savills. The estate agent's analysis reveals that properties requiring a price reduction to secure a sale take four times longer to leave the market.
A staggering 33 per cent of all sales studied by Savills necessitated a cut to the initial asking price, with 11 per cent of these involving two or more reductions. If sellers list their property at an accurate first-time price, they can typically complete a sale within 28 days. However, a single price reduction extends this period to 100 days, while multiple cuts can push the time to an offer up to almost five and a half months.
Lucian Cook, Savills' Residential Research Director, stresses that correct initial pricing is crucial, citing a direct correlation between mispricing and longer sale times. He acknowledges sellers' natural inclination to aim for the top end of their property's valuation range, but warns this strategy can ultimately backfire by extending the time on market.
Sellers who are forced to reduce their asking price face significant financial adjustments, with Savills' findings showing an average 4.4 per cent cut with each reduction. For properties at the upper end of the market requiring four cuts, the total sale price decreased by an average of 15.4 per cent from the original asking price.
This trend coincides with broader market shifts, particularly in London where house prices continued to fall in the year to May 2026, dropping by 3.7 per cent to £545,000 on average. Properties in affluent areas have been hit hard, with house prices plummeting by 22.8 per cent in Westminster and by 10.7 per cent in Kensington and Chelsea.