Jonathan Rolande: What to consider if you drop an asking price?

Rising numbers of property owners are dropping the asking price of their homes in a bid to secure a quick sale. 

Latest figures reveal average age new seller asking prices fell by 1.9 per cent this month to £364,895, the biggest fall in August since 2018.

Earlier this month, the estate agent, Hamptons said that 50% of homes in England and Wales sold following a price reduction in July, up from 47% in June and from 34% in July last year.

But despite the growing trend there are other options available. There’s no doubt that lots more people are currently reducing the price of their property.

In many cases this can be a knee jerk reaction to concerns they have about the property market.

But in most cases it relates to difficulties which exist in selling a home, which is a headache that can come about for a number of reasons.

The current up and down nature of the market makes it likely that even more people will be tempted to further reduce prices in the future. 

Dropping the price is never pleasant. But in many cases, it can be avoided if the property is presented properly and the asking price when first marketing was correct.

We all have our own ideas on other options to suggest, but here are a few of mine to get things going:

Photos and marketing: are they looking a bit tired? Do the garden shots give away the date they were taken – daffodils in August? Is there too much of the owner's life on show? Moving clutter, toothbrushes and kid's toys can lift the appeal.

Have they got a board up – the old 24/7 silent salesmen can work wonders – try a "before we look at the price, we need to get a board up so we know we've tried everything."

Look at the EPC; is it on the border of being in the next band above? If so, suggest a few cheap changes like LED bulbs. It might move it up and entice money-conscious eco-buyers.

Revisit the sales blurb, is it a bit out of date? Although BTL has all but disappeared, I still see many agents details pushing the investment value, especially in the apartment sector. It can still be mentioned, but be honest, most of the buyers now are owner-occupiers, so that's where the focus needs to be. Check OFSTED school reports that might have changed recently – an improved local school should be mentioned. Is the home now in a 20MPH Zone or even ULEZ? Might as well mention that too, make a selling feature out of quieter, less polluted streets (whatever your thoughts are on the subject!).

Remember social media. Ask the owners to share posts about the property and look at spending a few pounds with a local advert, you'll get thousands of eyes on the listing for about a penny each. We have all had surprise sales that land in the lap when a neighbour tells a friend or relative about a house that's just come to market – well Facebook is the way to share that gossip far and wide.

 Suggest improvements: the owner should fix minor issues like a leaking tap or damp patch. Most buyers see minor problems and assume they are serious – spending hundreds now could save your client thousands off the price.

Finally, please don't put it off. Looking back, making the call to reduce a price was my worst task to do, and I would sometimes put it off, hoping that a buyer might come along any time now…They rarely did. As we approach the quieter winter months overpriced sellers who can't make the improvements mentioned, or have and they haven't had the desired effect on buyers do need to cut the price. Remember the Rightmove price bands and try to cut into the one below where it is now. Anything less than a 5% cut is usually pointless, sadly we need to aim for 8-10%. Approaching the call like a fresh valuation, with ideas and evidence to back up the case, will help to give you the confidence and authority you need.

The market won't stay as it is forever. Having a register full of up-to-date, well-priced property when the better times return – well, that's worth however difficult conversations it takes.