Property sellers cut prices by £3,500 more than last year
Share
Property sellers are continuing to slash their prices in the hope of getting a sale, with the amount knocked off now standing at a two-year high.
The average discount off the original asking price is currently £19,500, according to property website Zoopla, £3,500 more than this time last year.
In November 2010, the average price reduction among those homes that had been reduced was 6.1%, and this has now increased to 7.4%.
Over 40% of all UK properties currently on the market have experienced at least one price reduction
Glasgow tops the list of towns where the biggest discounts are on offer with the average reduction in the city currently standing at 9.1%, or £12,881.
Newcastle and Bolton follow closely with asking prices discounted by an average of 8.9% and 8.8% respectively. All but one of the top ten areas with the highest price reductions are in the North,
While the London property market continues to demonstrate its resilience with the lowest proportion of price-reduced homes in the UK, a third of properties for sale in the capital have been reduced in price.
Nicholas Leeming, business development director at Zoopla, says: “With the current economic uncertainty and difficulty buyers face in finding funding, it is no wonder that sellers are having to reduce prices in order to encourage sales.
“And with the latest economic forecasts for 2012 looking decidedly gloomy, sellers may have to reduce their expectations further if they are serious about making a move.”
If you enjoyed this article, sign up here to receive daily email updates from Mortgage Strategy and Follow @mortgagestrat
