Don’t price your home too high

It can be tempting to put your property up for a high price, with a view to reducing it further down the line. But the reality is, cutting the asking price of a property comes at a cost. Analysis of sales over the last five years has shown that properties that have had a price reduction are twice as likely to have the transaction fall through and take three times as long to sell than homes that have not been discounted¹.

If you do need to reduce the price, data suggest it is better to do so sooner rather than later. Nearly 60% of homes that cut the asking price within two to four weeks manage to ultimately sell. However, fewer than 53% of homes sell if they are reduced after eight weeks of going on the market.

¹ Rightmove, 2024