With agreed sales falling and buyers becoming increasingly cautious, homeowners who have struggled to sell this summer face a difficult decision: reduce the asking price now, or wait for the traditionally busier autumn market.
Agreed property sales are currently down 9% compared with the same period last year, according to Zoopla, as higher mortgage rates and affordability pressures continue to weigh on the housing market.
Rightmove also reports that the average asking price of newly listed homes has fallen by 1% this month, equivalent to £3,832, bringing the average to £372,359.
For homeowners whose property has been sitting on the market with little interest, September may look like a tempting reason to hold firm. But UK property investor and residential property adviser Mohamed Ajami warns that simply waiting for autumn is not always the answer.
“The latest slowdown in the property market has left many sellers asking whether they need to reduce their asking price now or hold on and hope September brings more buyers,” he says.
“While autumn is traditionally a busier time for the housing market, sellers shouldn’t assume that waiting will solve the problem.”
So how can you tell whether your home simply needs more time or whether the asking price is putting buyers off?
Why are homes taking longer to sell?
A quieter housing market is not unusual during the summer months. Holidays, childcare and changes to routine can all mean potential buyers put major decisions on hold until September.
This year, however, buyers also appear increasingly comfortable with waiting.
“Fear is a better negotiator than any agent,” Mohamed says. “Buyers have become much more cautious and are looking much more closely at their finances, checking mortgage rates and calculating what they can realistically afford before committing to a purchase.”
When buyers feel they have plenty of choice, there is less pressure to make a quick decision. They can view several homes, compare prices and make lower offers without feeling that another buyer is about to swoop in.
Property expert Mohamed Ajami explains when sellers should consider cutting their asking price and when it may pay to wait.
Sellers are competing with buyer patience
“The urgency that existed in previous years has reduced,” Mohamed explains. “Many buyers now feel comfortable viewing several homes, comparing options and making lower offers rather than rushing into a decision.”
“Sellers are now competing against buyer patience.”
That does not necessarily mean there is anything wrong with your property. But it does mean sellers need to work harder to convince buyers that their home is worth acting on.
Should you cut your asking price or wait until September?
Before reducing the asking price, sellers need to understand why their property is not attracting offers.
“Neither, until you know which disease you’re treating,” Mohamed says. “A quiet phone in August can mean one of two entirely different things, and most sellers never bother to find out which.”
If a home has had very few viewings, the summer slowdown could genuinely be responsible. Buyers may be away, families may be focused on school holidays and decisions may simply have been postponed.
“Sometimes it means the property is healthy and simply asleep,” he says. “Buyers are away, decisions are paused, and September will wake the market up exactly as it always has.”
Lots of viewings but no offers is a different problem
If plenty of people have already viewed the property but nobody has returned for a second viewing or made an offer, waiting may be less effective.
“If people have viewed the property, shown interest and then decided not to come back, that isn’t dormancy, that’s a diagnosis,” Mohamed says.
“Waiting cures a seasonal slowdown beautifully. It does nothing for a property buyers have already decided isn’t worth the asking price.”
The distinction matters. A home struggling because buyers are temporarily absent may benefit from September’s increased activity. A home struggling because buyers believe it is overpriced probably will not.
The biggest pricing mistake sellers make
For many homeowners, the asking price quickly becomes emotional.
Sellers often calculate what they believe their property should be worth based on how much they have spent on it, the improvements they have made or the amount they need from the sale.
Mohamed says that can make it difficult to respond objectively when the market starts giving a different answer.
“People don’t price their home for what a stranger will pay, they price it for what they’ve decided it owes them: the extension, the years spent there, the mortgage they still need to clear,” he says.
“The market has no idea about any of that and doesn’t care.”
Don’t let your listing go stale
The other mistake is leaving a property online for months without changing anything.
“A listing left untouched for four months doesn’t age like wine, it ages like milk,” Mohamed says.
“Every week a property sits on the market, buyers become more likely to assume something is wrong with it.”
Once buyers have repeatedly seen the same listing appear in their search results, they may begin to wonder why nobody else has bought it.
Even if the only problem was an ambitious asking price, the length of time on the market can eventually become a problem of its own.
No offers? Start with the feedback
A price reduction does not have to be the first response to a lack of offers.
Instead, homeowners should examine what is actually happening during viewings and how their property presents online.
Mohamed recommends asking estate agents for specific feedback rather than accepting vague explanations that buyers “liked it but weren’t ready”.
“Fire your agent’s comfortable version of events and demand the honest one,” he says. “You’re paying them to sell a house, not manage your feelings.”
Ask what viewers said as they left. Did several mention the same room? Did they think work was required? Were they comparing your property with cheaper homes nearby?
Patterns matter.
Look at your listing through a buyer’s eyes
Sellers should also revisit their online listing as though they were seeing the home for the first time.
Are the photographs bright and inviting? Does the first image make somebody want to click? Are the rooms clearly presented? Does the description highlight what is genuinely attractive or unusual about the property?
Poor photography, cluttered rooms or an uninspiring listing can reduce interest before price even becomes the issue.
Those are relatively easy problems to fix.
But if viewers repeatedly say the home does not offer enough value at its current price, that feedback is harder to ignore.
“That’s not a coincidence you can outlast,” Mohamed says. “It’s the one piece of information in this whole process you didn’t have to pay for.”
Buyers have more room to negotiate
The balance of power between buyers and sellers has also shifted.
When several buyers are competing for a limited number of properties, homeowners can afford to hold out for stronger offers. When buyers have more choice, that leverage begins to disappear.
“Many buyers can now view several properties, compare prices and negotiate because they know there may be other options available,” Mohamed says.
That does not mean sellers should automatically accept an unrealistic offer.
However, the circumstances surrounding an offer can be just as important as the headline number.
A buyer who already has their mortgage arranged, is chain-free or is ready to move quickly may be more attractive than somebody offering slightly more but whose own sale is uncertain.
What if you need to sell but don’t want to reduce the price?
Ultimately, the right decision depends on why you are moving and how much flexibility you have.
If there is no urgency and you are perfectly happy to remain in the property, holding out for stronger market conditions may be reasonable.
If you genuinely need to sell, however, spending months waiting for a figure buyers are unwilling or unable to pay can become expensive.
“Be honest with yourself about what you’re trying to protect: your finances or your pride,” Mohamed says.
“If you genuinely don’t need to sell, waiting may be a sensible decision because you can afford to be patient. But if you need to move, delaying for months because you don’t want to accept the current market reality can leave you worse off.”
“Some sellers spend months refusing to negotiate, only to accept a lower offer later. They’re negotiating with themselves and losing.”
There are also the costs of waiting to consider. Additional mortgage payments, council tax, insurance, maintenance and potentially the cost of losing another property can quickly outweigh the difference between two offers.
How to prepare your home for the September market
For sellers hoping September will bring renewed interest, the best strategy may be to use the remaining weeks of summer to improve the property’s position rather than simply waiting.
Review comparable homes currently for sale and, importantly, those that have actually sold. Ask your agent for frank feedback from every viewing. Refresh weak photography, improve presentation where necessary and reconsider the asking price if buyers consistently believe it is too high.
September can bring more buyers back into the market, but it will also bring more properties.
A home that is competitively priced and presented well will be in a much stronger position to take advantage of that renewed activity.
If the problem really is the summer lull, patience may pay off. But if buyers have already been giving you the same message about price, waiting for the calendar to change is unlikely to change their minds.
