A large number of homeowners in London reduced their asking prices in September to try and sell their properties before the end of the year, estate agents Chestertons has revealed.
The number of sellers who reduced their prices in September rose by 59% from the month before and buyers reacted to this by placing 23% more offers in September than August, and 27% more year-on-year.
Guy Gittins, managing director of Chestertons, said: “The months of September and October are often the last chance for sellers to market their properties with a realistic chance of completing the sale before Christmas and we have seen a sharp seasonal uplift in the number of sellers willing to reduce their asking prices in order to secure a sale.
“Buyers have responded well to these price reductions and have been making offers, which clearly shows the appetite is still there when a property is marketed at the right price.”
Robert Sturges, area director for South West Central London, added: “With the majority of our clients in South West London being owner-occupiers moving for personal lifestyle reasons, Christmas is a focussed deadline for people wishing to complete their move in the holiday period and ideally enjoy their festivities in their new home.
“Reducing their price in September and the early weeks of October significantly increases the likelihood of achieving this goal.”
However, with 15% more buyers in the market than September last year but 19.5% fewer properties available for sale, buyers are facing increased competition from other motivated buyers for well-priced properties.