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Tim Bannister, of Rightmove, said: “Homes that are priced right the first time, rather than priced too high only to be reduced later, are not only more likely to find a buyer, but more likely to find a buyer quickly.
“This supports local agent reports of a two-speed market, with some properties for sale being overpriced and at risk of going stale, and many competitively priced homes which are attracting multiple prospective buyers.”
Properties that are priced competitively from the outset find a buyer in 27 days on average – less than half the average 66 days taken to find a buyer if the home requires an asking price reduction after it has come to market.
The number of available properties is currently 10pc lower than in 2019, indicating that many would-be sellers are holding off until market conditions improve.
August is typically a slower month in the property market because many people go on holiday, but this year it has fared worse than usual.
The last time there was such a steep monthly plunge was in December of last year, owing to a rise in mortgage rates following the mini-Budget.
Mortgage rates had started to come down earlier this year, but stubbornly-high inflation has pushed up expectations for the Bank Rate, with lenders being forced to price in higher interest rates.
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