More than a third of homes across Britain’s major cities needed an asking price cut before securing a buyer, new research reveals.
The findings raise fresh questions about overpricing in the housing market.
GetAgent found that 34.4% of properties reaching the sold subject to contract (SSTC) stage had undergone at least one price reduction.
The property comparison website examined an estimated 67,554 homes across 21 major cities. Of these, 23,248 had previously carried a higher asking price.
The findings highlight how frequently sellers reduce prices before securing buyers. However, the figures vary considerably between cities.
More than half of Bournemouth sales follow price cuts
Bournemouth topped the rankings, with 51.5% of SSTC properties having undergone an asking price reduction.
It was the only city where more than half of homes securing buyers had previously seen a price cut.
Portsmouth followed at 45.7%, ahead of Brighton (43.4%), London (41.4%) and Nottingham (40.5%).
Southampton recorded 39.6%, followed by Leicester (35.4%), Leeds (33.5%) and Bristol (33.4%).
The figures suggest sellers in some southern markets face greater pressure to adjust asking prices before securing buyers.
Scottish cities see far fewer reductions
Glasgow recorded the lowest proportion of SSTC properties with previous asking price reductions, at just 7.2%.
Edinburgh followed at 11.8%. Newcastle (20.9%), Liverpool (22.5%) and Sheffield (25.3%) also recorded relatively low levels.
The contrast highlights significant differences in pricing patterns across local housing markets.
However, the figures do not prove that agents initially overvalued properties.
Nor do they reveal the size of individual price cuts or any further negotiations before buyers agreed purchases.
Are agents overvaluing to win instructions?
The findings could reignite debate over whether some estate agents recommend ambitious asking prices to secure instructions.
Previous GetAgent research found that 95% of agents surveyed had encountered competitors offering what they considered unrealistic valuations.
It also found that 89% had lost instructions to rival agents recommending higher asking prices.
These figures reflect agents’ reported experiences rather than independently verified valuations.
Nevertheless, they highlight the pressure agents face when competing for instructions while trying to set realistic asking prices.
GetAgent co-founder and CEO Colby Short said: “The fact that so many properties that have reached an agreed sale have already had their asking price reduced raises an important question about how realistically homes are being priced in the first place.
“There’s always a temptation for sellers to pursue the highest possible asking price, and agents can find themselves under pressure to deliver that valuation in order to win the instruction. But starting too high can mean missing the strongest period of buyer interest, only to reduce the price further down the line.
“This can put agents in a difficult position, particularly when the value of an accurate, evidence-led valuation is competing with the pull of the highest asking price. Good agents know that getting that strategy right from day one gives sellers the best opportunity to attract serious buyers and achieve a successful sale.”
The research focuses on properties at the SSTC stage, not completed transactions.
It also does not establish whether asking price reductions directly led to buyers agreeing purchases.
However, more than four in ten SSTC properties in London, Brighton and Portsmouth had undergone price cuts.
The findings underline the importance of setting asking prices that reflect local market conditions and buyer demand.
