GetAgent: Scotland sees biggest asking price reductions for prospective buyers
Home sellers in Scotland with trouble selling have discounted their asking prices by an average of 22%, according to research by GetAgent.co.uk.
Based on listings data where properties for sale have reduced their asking price by 15% or more, the research found that Scotland topped the list.
In Wales, among those prices being reduced by 15% or more, the average was 21.3%, while in Northern Ireland has seen reductions of 21%.
The North West and North East were found to be home to the most significant reductions in England, at 20.6% and 20.5% respectively.
London has seen an average discount of 19.4%; however, the high price of property means the capital ranks top for the most prominent monetary discount.
On the current average house price of £479,018, a 19.4% reduction would see homebuyers pay £92,829 less for a property.
The South East is home to the second largest monetary discount, with homebuyers able to save £64,575 on the current average house price.
The East of England (£58,072), South West (£52,379) and East Midlands (£40,125) also ranked in the top five.
Colby Short, founder and CEO of GetAgent.co.uk, said: “We’ve seen the market explode into action in recent months and a tidal wave of buyer demand has resulted in properties flying off the shelves and house prices increasing to an all-time high.
“Although conditions remain favourable for buyers, particularly with the addition of a stamp duty holiday, many will still be on the hunt for a bargain.
“While it’s unlikely that they’ll find an abundance of reduced properties in the current climate, they are out there.
“So those lucky enough to snap one up will save a considerable amount of money by doing so, in addition to the tax relief already provided by the government.
“There are many reasons that a property may be reduced, but it isn’t necessarily a negative one.
“A property lingering on the market for a long-time may cause alarm bells to ring if the price isn’t the only issue.
“However, the figures show that on average, just 20% of properties reduced by 15% or more are due to a slow sale having been listed for 16 months or longer.
“More often than not, a mouth-watering reduction in price is due to seller circumstance and the need to move quickly and so securing one of these properties can mean a big win for buyers.”