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A third of properties for sale have cut asking price: Zoopla

More than one in three properties currently on the market have reduced their asking price, as homeowners attempt to sell their homes in a slowing market.

Figures from the online property listings site, Zoopla show that 35 per cent of sellers have reduced prices, by an average of £25,562.

Zoopla said that over the past six months the number of sellers reducing their asking price, and the size of this discount, had increased.

The biggest price reductions have been in Stockton-on-Tees in County Durham, where sellers have reduced prices by an average of 8.3 per cent.

But the slowdown in London and the South East has seen a far higher proportion of home-owners reducing sale prices.

Almost 40 per cent of properties for sale in Greater London have cut their asking price. On average prices have been reduced by an average of 7.3 per cent. On the average property this has wiped £53,251 off the asking price.

The area with the highest proportion of discounted properties for sale is Camberley, in Surrey. Here, 54 per cent of properties on the market have lowered their initial asking price. The average reduction is 6.72 per cent, or £30,382.

This is closely followed by the nearby towns of Kingston-Upon-Thames and Richmond.

In Kingston-upon-Thames, 51 per cent of properties have lowered their asking price,  by an average of 7.7 per cent. This equates to an average reduction of £84,255 in this area.  In Richmond a similar proportion (50 per cent) of properties have been discounted, by an average of 7.49 per cent, or £87,445.

Towns in Scotland and Northern England have proved more resilient to discounts, with just 16 per cent of homes in Edinburgh being reduced in price since they went on the market.

Zoopla spokesman Lawrence Hall says the fact that more sellers were being realistic about potential sale prices was “good news for first-time buyers trying to get onto the property ladder”.

Earlier this month a report by the Royal Institute of Chartered Surveyors said that the housing market in the UK remained subdued, mainly due to a lack of demand.

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