House went on market last week of April and agent suggested a reduction today

[Housepriceq]

Our house went on the market in the last week of April. We based it on the price suggested by the agent. The agent had also marketed a similar property which went under offer in under three weeks at a similar asking price, with owners accepting a reduced asking price from the buyer in ballpark of what we would also be happy to accept.
It looks a bit rubbish for houses to be reduced, although I know many of them are. I just think one week is a bit soon. I’d rather they took house off market and put it back on in a few days as a new property with a lower price! Are they able to do that? Has anyone got experience with being advised to reduce so quickly? I also thought it was a slow market at the moment.

What level of modernisation is needed. Are we talking new central heating, or just a lick of paint and some new tiles.

Is it worth thinking about how much it would cost for buyers to be able to see beyond the modernisation?

By this I don’t mean fully redecorate, but maybe see how far you can get for a small amount of money so buyers can see the potential

This is a very pertinent question.

Someone I know is trying to sell a lovely old house for £1m that doesn't have central heating! And single glazed windows!! Lovely property, but an absolute money pit. This person believes that a buyer can live in the house to save up and do the central heating at a later date.

It's just so detached from reality, I haven't got the heart to be the voice of reason.

Is it a probate sale? Do you have probate and can sell already?

It’s fairly neutral. Central heating, wiring etc are fine. One of the bathrooms is coloured! It’s more just needing general updating and also some would want to reconfigure the layout if they wanted an island in the kitchen for example, or more ensuite bathrooms (three bathrooms, only one ensuite). Downstairs toilet and shower would also need updating. Others are put off saying people will do their own thing anyway, plus time/money when lose uptick to capital gains tax.
Speed has been a driver for the others through the whole process. I’m feeling a bit of an outcast. For example, I’d have liked a formal valuation, to check what people wanted before throwing things away, to give a week’s grace and have an idea of what was going in the skips rather than order a skip(s) with multiple people running around the house filling them and making decisions on behalf of other people including discarding things that were put aside for them. A lot of it has felt like tail wagging dog. Decisions and actions were taken at speed and I was left with the fallout.

You should say something, that is severe reality detachment, they are going to be very very disappointed if they don"t adjust their expectations. Sit in the house and "save up" for the CH, LOL people who actually had a million quid in real money, not debt tokens, would likely offer them 600k or something.

£1m+ homes in my very affluent area are not selling at all. I’m not interested in moving house but I love looking at rightmove, and all the same properties have been there since January. People just can’t afford the mortgages, maintenance or stamp duty right now.

Exactly.

In my area too, three and some four beds are still moving. Flats aren’t shifting much and properties over £1m don’t seem to be shifting at all.

Sold prices for May have been published btw.
In our area, out of 52 properties sold since the 1st of April'26, 4 were sold for over 1M, and another 4 for 940K-950K.
Though very few sales in May in general.

Totally agree, could not agree more - also good luck walking with holes in your socks - don't get blisters now my lovely!

It would mean far less over valuing but a lot of sellers may be very disappointed with the valuation prices.

Of course, but that's the name of the game. As I've been taught my whole life 'value' is only what people will pay to have what you want. People can be upset, but better they have a reality check than live in ignorance surely?

I completely agree with you on both points. I suspect many would prefer to remain in blissful ignorance though!

I think you are probably right!!

Hard to remain "ignorant" when your house has been for sale for a year and nothing in the area is selling?

It’s just sales, when an estate agent is struggling to shift properties the obvious thing to do is advise price reductions to try and stimulate interest, it all depends on what you need to achieve from the sale, how quickly you need to sell etc, if you are willing to come down on price i’d definitely be telling the agent i want a commission review if price reductions are being suggested this early on. Tell them the commission needs to reflect their effort 😂

They already are, EA"s can make up any price they like, buyers can make offers, but lenders are definitely "down-valuing" very regularly now.