52% of homes that have been on the market for 10 weeks or longer have not reduced in price despite the ongoing cost-of-living crisis and fears of an economic slowdown, according to the latest market data from Homesearch.
The data appears to show that sellers are holding their nerve on price, or agents are not yet prepared to have the necessary conversations earlier in the process, despite the property remaining unsold for a relatively long period of time.
Homeowners in Scotland are the most resolute, with 64% (2,103) of properties on the market for over 10 weeks not subject to a price reduction. This contrasts with more anxious sellers in the East of England, where 52% have dropped their price at least once already.
Sam Hunter, chief operating officer for Homesearch, says: “Despite recent speculation that the housing sector would slow as a result of rising inflation and the cost-of-living crisis, our data shows that the market remains buoyant and sellers are confident of securing the highest possible price.
“The agents we speak to are reporting that many homes are still being agreed at, or above, asking price, well within the first few weeks of going on sale. This is largely due to the ongoing lack of supply which is keeping prices strong, though the desperate need to move appears to have left the market.
“Prices are more sensitive now than they have been over the last two years. A more balanced market is great news for the high-performing agents out there. If, as an agent, you’ve had a property for sale for over 10 weeks and not had a conversation about price then you are at risk of losing these instructions to competitor agents who do broach the subject.”