UK homeowners who overprice their properties face significantly longer selling times, according to recent research by estate agent Savills. The analysis shows that sellers who set an asking price that requires one or more reductions to achieve a sale take more than four times longer to complete the transaction compared to those who price their homes accurately from the outset.

The study found that about one-third of home sales involved at least one price cut, with 11 percent requiring two or more adjustments. Sellers who get their pricing right initially can expect to secure an agreed sale within an average of 28 days. However, a single price reduction extends this period to approximately 100 days, or over three months, while two cuts can prolong the sales process to nearly five and a half months.

Lucian Cook, residential research director at Savills, emphasized the importance of accurate pricing. He noted that while sellers typically aim for the top end of the market value due to the personal and financial significance of their property, overpricing tends to delay the sale and lengthen the process. Each price cut averages a 4.4 percent reduction, with over one-fifth of transactions requiring one cut and nearly 8 percent requiring two. Sellers needing four price cuts have often discounted their home by more than 15 percent in total.

The data also highlight regional disparities. Homes in southeast England, where nearly 39 percent of sales involved a price cut, tend to experience more frequent adjustments than those in the northwest, which saw about 28 percent. In Scotland, where pricing is more regulated through official home reports and surveyor valuations, only 13 percent of properties required a price reduction.

High-value properties, particularly those priced above £1 million, face tougher market conditions. Sellers of these homes tend to make deeper cuts averaging 8.5 percent, compared to 6.4 percent for the broader market, and these properties take longer to sell.

Jonathan Hopper, chief executive of Garrington Property Finders, described the current market as a classic buyers’ environment, marked by a reduced pool of purchasers amid rising mortgage rates. He suggested many sellers remain out of step with market realities, referencing outdated comparisons to past sales that no longer reflect current valuations.

The research also examined the role of estate agents in pricing strategies. Some agents may propose higher asking prices to “test the market” and attract listings, but this approach can ultimately extend time on market and reduce sales efficiency. Cook noted that properties priced ambitiously typically require more managerial effort from agents and may suffer from buyer hesitance. Potential buyers often interpret multiple price reductions as a sign of overvaluation and may delay interest, further slowing the sale process.

Improved market transparency over the past two decades, driven by online property portals, allows buyers easy access to historical price data and local comparables, increasing price sensitivity. Expert commentary suggested that minor price cuts may be insufficient to attract new buyers if they do not shift the property into a lower price band, which many buyers use as a search filter.

Andrew Perratt, head of Savills UK residential business, advised sellers that pricing slightly lower initially can stimulate competitive bidding and lead to more favorable sales outcomes. He warned that overpricing reduces buyer interest, leaving sellers without offers to negotiate, and can ultimately result in longer sales timelines and lower final sale prices.