Sellers cut asking prices

Sarah Davidson

August 14, 2012

Some 37% of UK properties currently on the market have seen their asking price reduced at least once since first being listed for sale, up from 34% just three months ago.

The average price reduction from the original asking price is now at just under £19,000 (7.6%).

The biggest discounts can currently be found in Newcastle upon Tyne where sellers have knocked an average of 9.6% (£18,888) off their original asking prices and Liverpool where the average reduction is currently 9.1% (£13,643).

Wakefield tops the list of places with the highest proportion of price-reduced properties on the market today (51%), followed by Rotherham (45.6%) and Barnsley (44.7%).

Nigel Lewis of Zoopla.co.uk said: “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.

“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.”

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