UK homes sell for an average 9.4% below asking price
Homes are selling for an average of 9.4 per cent below their original asking prices, as higher mortgage rates and a larger supply of properties give buyers more bargaining power. The shift marks a change from 2022, when sellers typically achieved their asking price, and is most pronounced in the premium market.
Knight Frank found that homes exchanging contracts between July and September sold for 90.6 per cent of their initial asking price: a £300,000 listing would average £271,800, while a £500,000 listing would average £453,000. Buying agents say some properties, including small flats, new builds and former buy-to-lets, can attract discounts of up to 26 per cent; properties priced at £2 million or more are also taking longer to sell and averaging discounts of almost £250,000.
In short
- Homes sold for 90.6% of their initial asking price on average.
- Higher mortgage rates and more homes for sale strengthen buyers’ hand.
- Prime London properties face especially long waits and steep reductions.
Steelman: both sides, in good faith
The strongest fair case each way — we don't pick a winner.
The case for
The larger discounts can give buyers room to negotiate after higher mortgage rates have reduced what many can afford, while a wider choice of homes makes it easier to compare options. More realistic sale prices may help transactions reflect current budgets and market conditions, particularly for properties that have been slow to sell.
The case against
Discounts from original asking prices can reflect sellers’ initial pricing decisions as well as changing market conditions, so the average does not show that every home has lost value or that every buyer secures a similar reduction. For sellers, especially those facing higher costs or needing to move, prolonged sales and lower offers can make it harder to plan and may reduce the proceeds available for their next home.
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Originally published by Daily Mail as “Typical home is now selling at a 10% discount as buyers haggle hard – here’s how to bag a property bargain”.