Connells and Sequence, both part of Connells Group, have revealed price cuts on thousands of properties since the start of the summer.
Some 5,000 properties – about 25% of their total stock – have had “meaningful price reductions” over the summer months, which has resulted in agreed sales on 30% of the relaunched listings.
David Plumtree, chief executive of Connells Group, said: “Since the start of the summer, we have run sales campaigns across our branch network and have re-launched almost 5,000 properties to the market, all with meaningful price reductions.
“So far, we have agreed sales on 30% of those properties which goes to show that, despite subdued market conditions and the gloom in the wider economy, there remains decent levels of demand for well-priced stock.
“The truth is there are still good levels of buyers looking to move home and the UK’s love of home ownership is as strong as ever.
“Our figures show that properties will continue to sell well as long as they are correctly priced and proactively marketed by an estate agent who is prepared to work hard to get results.”
His comments come as data from Rightmove shows that new asking prices are down 2.3% on a monthly basis at £301,973, larger than the 2.1% drop at the same time last year, while annual growth has slowed from 1.4% in July 2018 to 1.1% this month.
The portal’s figures also reveal that sales agreed are down 0.8% annually in July and have dropped 3.5% so far this year.
Today’s report shows that average stock per agent was at the highest level for 12 months in July at 53, while it is taking 57 days on average to sell, up from 55 days a year ago.
Although Rightmove refers to August activity, its actual data is based on the period July 8 to August 11, so its September report will also contain much of the current summer month.
Miles Shipside, Rightmove director and housing market commentator, tried to maintain a positive tone, suggesting activity would pick up into the autumn.
He said: “The ‘beast from the east’ weather was a factor in sales agreed numbers being down by 5.4% year-to-date when we reported back in May, but they are on an upward trajectory and are now 3.5% down year-to-date.
“Overall in spite of political uncertainty, sales agreed are holding pretty steady and it is usual for there to be an upturn in prices and buyer activity as we head into the autumn season, especially if sellers maintain their cheaper pricing to attract buyers.”
However, despite Shipside’s optimism, accountancy firm KPMG has warned that traditional estate agencies are in for a rough autumn.
Blair Nimmo, KPMG’s head of restructuring, said at the weekend: “High street estate agents are presently facing an unprecedented set of challenges.
“The rise of online-only agencies have combined with falling house prices, a slowdown in sale activity and a raft of legislative changes, all of which have generated headwinds for your average high street agent.
“I would therefore not be surprised to see operators across this sector struggle over the second half of the year and beyond.”
KPMG said Foxtons was battling a poor London market with Countrywide in full-blown crisis.