Homeowners in Alcester, Warwickshire, are being forced to accept an average of £25,813 below their asking price as the local housing market slows down. A new study by We Buy Any Home shows that properties in the town take around 230 days to sell, or roughly seven and a half months, the longest average selling time in the region.
Price reductions across the West Midlands
Alcester saw an average price reduction of 5.32% from the initial listing. However, other towns experienced even steeper cuts. Church Stretton in Shropshire recorded the highest percentage reduction at 12.94%, equating to an average drop of £61,495. Bromyard in Herefordshire followed with a £57,615 cut, while Market Drayton in Shropshire saw reductions of £32,079 and Ledbury in Herefordshire £39,077.
Expert warns against overpricing
Elliot Castle, chief executive of We Buy Any Home, said the figures should be a wake-up call for sellers. “House prices surged in 2020 and 2021, and many homeowners expected this trend to continue. But demand has softened and anyone with a property for sale at the moment knows the reality – it’s difficult out there,” he explained.
Castle added that overpricing is a common mistake that can cost sellers dearly. “Our research shows optimistic agents are taking instructions and letting vendors see the realities of the market themselves, which often means a huge impact in the eventual agreed sale price. Homes that are overpriced are languishing on the market for longer than those that are priced correctly to begin with, and it's the sellers who are paying for it, not the agents.”
Critical first weeks on the market
The first three weeks are crucial, according to Castle. “That's when listings attract the most attention online and buyers who are waiting for something new are ready to spring into action. If you price too high, you miss that window. Price reductions also weaken your negotiating position. When buyers see a reduction they assume there’s further room to haggle.”
He concluded: “It's time we said goodbye to optimistic valuations and instead listened to what's really happening in the property market today.”
Implications for sellers
The sluggish market has forced many sellers to reassess their plans. Homes in Alcester are now taking longer to sell than in many other parts of the West Midlands. Sellers hoping to move to their dream homes may have to settle for less or wait even longer. The data highlights the importance of realistic pricing from the start to avoid extended marketing periods and reduced final sale prices.
