Zoopla’s house price index found that the average time to find a buyer was 44 days, similar to last year, with sellers in more affordable areas securing a buyer faster.
Zoopla said this made it more important for sellers to get the asking price right. Its data showed that 41% of homes listed for sale between April and June and 5% or more below their estimated value found a buyer within 90 days, compared with 26% of homes priced at least a fifth above their estimated value.
The report said reducing the asking price later did not guarantee a buyer, as just 19% of homes that had their asking price reduced sold within 90 days, compared to 41% that did not undergo a reduction.
Over the last four weeks, Zoopla recorded a 7% year-on-year fall in the number of sales agreed alongside a 7% rise in the number of homes for sale, indicating buyer choice and competition among sellers.
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A third of homes in areas with price falls
Zoopla found that 35% of homes were in postcode areas where house prices were falling, up from 12% a year ago.
This was most prevalent in southern England, with 1% falls in London cutting average house prices by £5,400 compared to last year.
In contrast, homes in the North West are worth 3.2% more than last year, or £6,600 in cash terms.
Around 85% of homes in London and the South East were in postcode areas where house prices fell, as were three-quarters of homes in the East of England. Some 42% of homes in the South West were in areas with house price falls.
Conversely, house prices were rising in more affordable areas where there was less pressure from higher mortgage rates.
Overall, the data showed that the average house price in the UK was now £273,000, 0.8% higher than last year.
Richard Donnell, executive director at Zoopla, said the extra cost of mortgages was making buyers more selective, while the choice of home for sale left more room to negotiate price.
He added: “The impact is being felt by sellers in southern England, where house price falls are most concentrated as average prices continue to rise across the rest of the country.
“There is still demand to buy homes, and those that are well priced and presented are selling just as quickly as last year. Getting the price right from the start is essential.”
