London Property Market: 43% of Home Sellers Slash Asking Prices

More than two fifths (43%) of home sellers in London have cut their asking prices over the last 12 months - according to figures from property technology platform Hiizzy.

The data is released as UK housing stock reaches its highest volume, for this time of year, since 2014.

Around 29,000 new homes come to market in England every week, with 379,425 listed in the last 90 days.

Price cuts are being driven, in part, by the abundance of homes on the market and unrealistic asking prices. With more properties to choose from, buyers are in a stronger negotiating position. But they’re also becoming more selective, as household budgets continue to come under pressure, and average mortgage rates reach three-year highs.

Lewis Buckley, co-founder and CEO of Hiizzy, said sellers who initially overprice their properties risk losing the attention of potential buyers. “Once a home has been on the market for a while and then has a price reduction, questions start to be asked - even when there’s nothing wrong with the property,” he said. “Strong demand doesn’t mean sellers can name their price. Buyers know their numbers and have more choice than ever, whilst borrowing costs continue to rise.”

London homes slowest to sell as northern markets outperform

The research, by property data firm TwentyCi, found that homes in London are also the slowest to sell - with average time to an accepted offer being 56 days. The fast market is Liverpool, at just 29 days from listing to an offer being agreed, compared with a national average of 43 days.

But those properties that require a price reduction take more than twice as long to sell as those priced correctly from the outset, according to the data.

London sellers are also achieving the smallest proportion of their original asking price nationally, at an average of 95.2%. Manchester homes, in comparison, are being sold for 97.9% of it - placing it in the top spot across all regions analysed.

Buckley said the first few weeks after a property is listed are particularly important because this is when it receives the greatest attention from potential buyers. “Rather than pricing according to what they hope their home is worth, sellers should look at what comparable properties are being bought for,” he said. “In a market with so much choice, first impressions really matter."

“For decades, the housing market has been viewed through a London-and-South lens,” Buckley said. But our figures suggest that this picture is becoming increasingly outdated. The data shows that London sellers are having to wait longer, cutting prices more often and achieving less than their northern counterparts.”

The findings come against a backdrop of continued weakness in London house prices. According to the latest UK House Price Index, published yesterday, averages fell 2.2% year-on-year to £554,430 in August 2026 - the weakest annual performance of any English region. Average flat prices were particularly weak, falling 5% over the year. In contrast, the Northeast saw prices rise 3.2% over the same period and in the Northwest, they were 2.2% higher.

Buckley said: “Price is the biggest factor that affects a house sale, and it’s the one that sellers have most control over. But presentation and communication are also important. Strong photography, a good floor plan and quick replies to enquiries all help turn initial interest into viewings and offers.”

Download Hizzy’s guide to selling your home here.