When to drop price and how much?

[Spokentruth]

I know it's stil early days but I've had the house on the market for nearly a month with very little interest.
It's on at 230-240k guide price.
When should I think about stopping the price and by how much?
Should I go for a guide price again or a fixed/offers over/offers around.
The market is tough here atm. Vendors are dropping prices every 3-4 weeks and several times in many cases. Some are dropping 5-6 k, others 10K.

We recently went on at 650 (SE) and had 10 viewings but no offers so had to conclude the price was wrong and so dropped to 625k. No bites since so think we have to drop again. So we'll be asking our vendors about dropping too. They'll probably tell us to do one and re-market, sadly

It's really tough isn't it?
When did you start looking at properties yourself?
I haven't started yet.

We looked as soon as we were on the market and fell in love with something. But if it doesn't work out we're fine where we are, just wanted more space

I'm selling a house, valued at 300k in but I need to sell so listed in January at 280k. Loads of views, no offers.

Reduced last month to 270k, still no offers.

So it's been on 3 months and today I reduced to 260k.

If it still doesn't sell then I'm going to rent it out.

I think you'll need to reduce to below £200k to get offers. Anyone thinking it's worth £200k+ would have put in an offer. But if that's too unpalatable then try 10% off first.

We were told Rightmove etc only advertise it as 'reduced' and move it back to the top of their listings if you reduce by at least 10%

That's unaffordable for me as I also need somewhere to go. I've worked out figures and 220k is the lowest I could drop.
I've got a second viewing next week so fingers crossed on that.
I think if I'd bought it years ago and made a decent amount of money Id be able to drop it. But dropping to 200k won't even cover improvements I've paid out for.

Good luck for your second viewing!

I don't think dropping to £220k will attract new interest tbh. Anyone who thinks it's worth £220k would have offered that. It's only about 4% below your original price.

Unless your improvements are substantial - extension, moving a downstairs bathroom, reconfiguring an awkward layout, new windows - you can't really expect to get the money back for them. You've enjoyed them, and they might make it easier to sell. But buyers don't expect to cover the cost of your new kitchen or whatever. They'll want to change decorative stuff anyway.

In a falling market, you could take the view that your onward purchase will also be falling?

Improvements are Converted garage to reception room + laundry room and toilet.
I've had all the windows and doors changed as well amongst other things.

I think you need to drop substantially to nearer 200k and then be prepared to bargain hard for whatever you buy. Do you need to move? If you only keep a house a short time you don’t always make any money, your improvements won’t always pay for themselves because your purchaser may have different preferences eg no garage would be a deal breaker for some

I agree with @donttellmehesalive. If someone had wanted to offer 10% off 210ish they could have done so.
Hopefully you may be lucky with the viewing next week.
If not I think you need to think about how much you need to move. If there is no need to move and this can be a long term house but if that is not possible you will probably need to accept a lower offer and try to negotiate hard on any onward purchase. There is no point in chasing the market down if you need to sell, better to be pragmatic now.