Our award-winning data has shown that in 2022, 49% of the properties reduced in January had sold by the end of February - but this dropped to 39% in 2023.
Figures also show 9.1% of reductions dropped their price more than once in the first two months of the year, evidencing the market’s heightened price sensitivity.
Heather Staff, our co-founder, said: “These numbers show that pricing is an ongoing issue for both agents and sellers, and reinforce just how important it is to price right the first time.
“With the percentage of sales from reduced properties falling year-on-year, there has never been a better time to make sure you are valuing correctly. This will be one of the most effective selling strategies for agents, as price drops are becoming much less effective and are not generating the right amount of interest.
“This also gives agents an opportunity to target sellers whose properties are still on the market despite a reduction in price, to see if they can offer a better approach.”
With Spectre, agents can view reduced properties in their area, along with the date of the reduction and how long these have been on the market.Agents can then contact vendors with a bespoke and relevant message, tailored to their struggles with price reduction.
Our data shows the period following a price reduction is the most likely time a vendor will consider switching agents, and agents should capitalise on this prospecting opportunity to maximise their marketing budget. If you’re intrigued about our industry-leading instruction generation tool yourself, click here.
