Price-reduced properties are at their lowest level for more than two years
The proportion of properties on the market across the UK that have seen their asking price reduced from its original level is at a 2-year low, according to Zoopla.co.uk.
The research shows that 32.8% of properties currently for sale have had their asking price reduced at least once, down from 36.9% three months ago and 40.4% one year ago.
However, the average price reduction on those properties that have been discounted is up to its highest level in two years, now standing £20,612, compared to £18,993 three months ago.
The figures also show different parts of the country where either a larger proportion of sellers than average have been forced to reduce prices or the reductions have been greater than average, often as a result of multiple price reductions.
And the biggest percentage drops from original asking prices are currently to be found in Romford (10.3%), Wakefield (8.9%) and Newcastle upon Tyne and Liverpool (both 8.8%).
“The proportion of properties that have seen their price reduced and the average amount of the discount provides good insight into the strength of the local market,” said Lawrence Hall of Zoopla.co.uk. “With the proportion of discounted properties nationally at a 2-year low, this would indicate that sellers are feeling more confident than they have for some time. But there are places where the market clearly remains weak, such as Wakefield, where over half the properties on the market have been reduced in price at least once. Zoopla.co.uk has a unique feature that allows users to sort their search results by properties that have been most reduced in price, useful for those buyers looking to snap up a bargain.”buying house, real estate, selling house
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