Properties are more likely to find a buyer if the initial asking price hasn’t been altered, Rightmove claims.
The portal tracked more than 300,000 homes that were first put up for sale between May 13 and July 31 and found that sellers are twice as likely to find a buyer for their home if the asking price it is first listed at does not have to change.
Out of all properties put up for sale that were not reduced, 63% of them have been marked under offer or sold subject to contract.
In contrast, only 32% of properties in this cohort that have reduced their price have gone on the be under offer or sold subject to contract.
In the current market, the average number of days from first listed to finding a buyer is 21 for properties that haven’t been reduced.
It rises to 47 days for those with reductions.
Currently one in six properties (16%) on Rightmove have had at least one reduction since May, the portal said, which is an improvement on the 18% for the same period last year.
The average size of a reduction is also slightly lower, at 5%, compared with 5.2% last year.
Tim Bannister, director of property data, for Rightmove, said: “This analysis shows just how vital it is that sellers listen to their agent when they recommend the asking price that the property should be listed at. If sellers are serious about selling, then starting with too high an asking price can cause unnecessary delays, and also make it a lot less likely they will actually find a buyer in the end.
“The temporary Stamp Duty holiday means more sellers are in a hurry to get a sale through conveyancing, and with this also taking longer at the minute a realistic asking price could soon end up being the difference between completing in time or losing out on the savings.
“A number of properties are reduced every year, and it’s important to say that not all cases are down to over-pricing.
“If there’s an area of lower demand than supply then a reduction may be needed if the seller needs to move.
“Also, if prices have gone down in an area it’s understandable that a seller will be hesitant or may not be able to afford to put their home on for a lower price than they bought it for.
“But in the busy market we have right now there will also be some sellers who may think it’s worth a punt to ask for their home to be put up for sale for the same price as their neighbour across the road, when their neighbour may have extra room or their home may be in a better condition.”