Almost a quarter (22.4%) of properties that have sold over the last six months required at least one price reduction to achieve sale, Quick Move Now reveals.

The same figures suggest that 10.5% required multiple price reductions.

Properties that required a price reduction saw asking prices fall by an average of £27,916 before a sale was agreed.

This level of reduction equates to an average of 11.35% of the original asking price.

It also found that owners accepted offers lower than the final asking price, even after a price reduction.

Reduced properties eventually sold for an average of £39,333 less than their original asking price, and £9,750 less than their final asking price.

This equates to 84.4% of their original asking price and 95.6% of their final asking price.

Quick Move Now managing director Danny Luke says: “The property market is looking positive, with the Bank of England’s recent interest rate cut proving to be a much needed shot in the arm, but these figures show that price sensitivity is still a factor.”

“There’s a lot more optimism within the market, from both homeowners and property professionals, which can be seen in the number of properties on the market and the optimistic asking prices properties are being marketed at. The biggest challenge for property professionals in the current market is knowing where to position properties in terms of price.”

“Some properties are surprising estate agents with the level of demand they’re receiving, whilst others are getting far less attention than anticipated. This makes it difficult to price properties accurately. The key to securing a sale is to be responsive to the market and adapt your sales strategy and pricing quickly if your property isn’t achieving the expected amount of interest.”