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News: Fewer asking prices reduced by UK sellers

Sat, 16 Nov 13

Research by Zoopla shows that just 31 per cent of UK homes on the market had their prices cut after being listed for sale – a significant improvement upon the 40 per cent recorded in November 2011.

The size of the discount has also decreased over the period, with sellers in November 2011 slashing prices by an average of 7.4 per cent. Today, that stands at just 6.4 per cent.

Preston is the place with the highest number of homes for sale at reduced rates (43 per cent), while London is the place with the lowest proportion of homes with discounted asking prices.

The biggest average discounts on offer the original asking prices are to be found in Liverpool, with an average current asking price reduction of 8.6% (£14,149). The smallest discounts are being offered in Plymouth and Edinburgh, where sellers who have dropped prices have done so by only 5.5% on average.

Lawrence Hall of Zoopla comments: “Confidence in the property market is at its highest level since the start of the economic downturn and this is reinforced with fewer sellers feeling the pressure to lower their expectations and drop prices.

“With the typical New Year rush of buyer demand likely to be made even more acute by the boost of the second phase of the government’s Help to Buy scheme, sellers expectations could rise further in the coming months. The only thing that could upset the trend is if there is a significant rise in level of stock coming to the market.”

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