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Why are there so many price reductions?

Current statistics show that almost a third of properties currently for sale in the UK have had a price reduction since they were first marketed.

In Cheltenham, the figures are in line with the national data and are currently at 27%.

With the high amount of reductions, you could be mistaken in thinking that there’s not enough buyers, but in reality, there is actually a lack of stock coming onto the market with plenty of buyers looking. A lot of properties are actually coming to the market being over priced by the agent purely to obtain the instruction and tying the vendor into lengthy contracts.

Being realistic regarding the value of your property in the first place reduces the risk of losing potential buyers and then having to reduce the price to achieve an offer.