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Homeowners drop asking prices in effort to sell

Thursday, 10 February 2011 2:03 PM

New research has found that the total number of price-reduced properties on the UK housing market has increased over the past three months.

According to a survey by Zoopla, 34.7 per cent of all homes currently listed for sale have experienced at least one price reduction since being put on the market – up from 36.4 per cent in November 2010.

In addition, the average discount being received by house buyers is now £18,475, or around 6.9 per cent of the original asking price, representing another notable increase since November.

Nicholas Leeming, commercial director at Zoopla, commented: "As a result of weaker-than-expected demand in the last half of last year, sellers have progressively reduced asking prices to more realistic levels in order to achieve sales.

"The traditional influx of new properties on the market at the start of the year has created even more intense competition amongst sellers.

"Even the resilient £1 million-plus market is showing signs that it is not immune to the general economic pressures as reductions have jumped at that end of the market," he added.

Where properties were listed for sale at more than £1 million, the typical buyer is currently obtaining around ten per cent discount, the study revealed.

For a full list of asking price data, click here.

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