Number of reduced price properties in the UK at a nine month high
16-08-2012
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The average asking price reduction now stands at just under £19,000 and the biggest reductions currently on offer are in Newcastle and Liverpool.
The research also shows that the number of properties that have been reduced in price at least once by their owners to try to secure a sale is at a nine month high.
With 37% of UK properties currently on the market having their asking price reduced at least once since first being listed for sale, there has been an increased from the 34% of three months ago.
The biggest discounts can currently be found in Newcastle upon Tyne where sellers have knocked an average of 9.6% or £18,888, off their original asking prices and Liverpool where the average reduction is currently 9.1% or £13,643.
Wakefield tops the list of places with the highest proportion of price reduced properties on the market today at 51%, followed by Rotherham at 45.6% and Barnsley at 44.7%.
‘Activity levels tend to fall over the summer months as holidays delay the buying process. With the recent bad weather and the extended Jubilee bank holiday, the rise in proportion of price reductions is a signal that sellers have been doing everything they can to try and tempt those buyers still in the market,’ said Nigel Lewis of Zoopla.
‘Once the distractions of summer holidays and the Olympics are gone buyers will once again be able to focus attention on their property search and this should bolster confidence among sellers,’ he added.
