Editor's note: This brief was summarised by The Property AI Newsroom from a report by The Negotiator. Read the original article for full details.

Zoopla Urges Vendors to Cut Asking Prices Ahead of Autumn Market Shift

Zoopla is advising housing market vendors and estate agents to review and adjust asking prices ahead of an anticipated “autumn bounce” in September. The portal’s latest House Price Index highlights a sharper than usual summer slowdown, attributed to high mortgage rates and political uncertainty.

Zoopla’s data shows that sales agreed are down 9% annually over the past four weeks, with the North East being the only region where average values have increased by 4%. House price inflation has slowed to 1.3%, compared to 1.7% a year ago. The average value of a home in Britain is now £272,800, according to the report.

Regional Variations and Local Hotspots

The report notes that almost three-quarters (76%) of local markets have seen fewer sales than a year ago in the past three months. However, just under a quarter (24%) of local markets have seen sales agreed hold up or grow. Some areas, such as Hull, Dundee, and Warrington, have experienced average house price rises of 2.2%, 2.4%, and 3% respectively.

Importance of Realistic Pricing

Zoopla’s analysis indicates that the share of homes cutting their asking price by 5% or more consistently peaks in September, based on trends from the past three autumns. This is also the month when sales activity typically recovers from the summer low. The portal warns that homes still listed at their spring asking price often miss out on the autumn “bounce.”

Currently, almost a third (30%) of homes for sale were listed back in the second quarter and remain unsold without a price cut. Zoopla suggests that pricing to meet buyers now is key to securing deals ahead of the expected market upturn in September.

These findings are particularly relevant for letting agents and inventory clerks monitoring market activity and advising clients on pricing strategies in a changing market.