Nearly two-thirds of homes listed this summer were forced to reduce their asking price, fuelling concern that estate agents are damaging confidence in the housing market by setting unrealistic valuations.
Figures from TwentyEA show that 62% of properties across England were marked down in July and August – the highest level of summer reductions in recent years. The figure compares with 54% during the same period in 2024.
Despite this, 72.4% of homes went under offer, up from 63% in the first half of the year, suggesting demand from buyers remains firm.
Industry figures argue, however, that widespread reductions point to agents consistently over-pricing stock.
UNDERMINING TRUST
Ian Macbeth (main picture), co-founder of Avocado Property Partner Agents, says: “If nearly two-thirds of properties need a price reduction, it shows we are getting it wrong too often.
“The market is not weak, but trust is being undermined by persistent over-pricing.”
Macbeth adds that with most wider indicators suggesting a broadly neutral housing market this year, agents should have been better able to guide sellers on achievable values.
He says: “Instead, inflated asking prices and subsequent reductions point to a growing mismatch between how homes are marketed and what buyers are prepared to pay.”
TRANSACTION DELAYS
Avocado reported that just 28.6% of its own listings required reductions over the summer, compared with the national average of 62%, while 80.5% went under offer.
Macbeth says: “The numbers show there are plenty of buyers out there, but they will only commit if homes are marketed at the right level.
“Over-pricing delays transactions, damages client confidence, and creates unnecessary turbulence in a market that is otherwise steady.”
