Property discounts hit all-time high
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Property sellers are discounting their homes by an unprecedented amount as they accept the realities of the market, according to research by Zoopla.
Some 37% of properties currently for sale in the UK have been reduced in price since first coming onto the market, and the average discount off the original asking price now stands at an all-time high of £19,580, or 7.5%.
A year ago the average discount was over £1,000 lower at £18,475, or 7%.
Glasgow tops the list of places where the biggest discounts are currently on offer with an average price reduction of 9.2%, or £12,566, while sellers in Blackpool are also making big concessions, knocking 9% off their original asking prices on average.
Stockport has the highest proportion of discounted properties for sale, with 49% of sellers having cut their asking prices at least once.
Nicholas Leeming of Zoopla.co.uk says: “The current average discount of £19,580 is a new high, indicating that sellers have come to terms with the market realities.
“Pricing correctly remains key when selling a home and whilst there is a shortage of sale stock currently, buyers are more discerning and more informed than ever before.
“Serious sellers must do their homework and follow the advice of their agent before settling on an asking price – otherwise they may well find their property on the market for longer than they’d hoped.”
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