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Highest average asking price reductions in two years

Tuesday, 22 November 2011 4:30 PM

Average asking price reductions are at their highest level for two years, say Zoopla.

Over 40 per cent of UK properties currently on the market for sale have had their price reduced at least once as sellers scramble to attract buyers.

The average property is now discounted £19,500 beneath its initial asking price, £3,500 more than this time last year.

Nicholas Leeming, business development director of Zoopla, said: "With the current economic uncertainty and difficulty buyers face in finding funding, it is no wonder that sellers are having to reduce prices in order to encourage sales.

"With the latest economic forecasts for 2012 looking decidedly gloomy, sellers may have to reduce their expectations further if they are serious about making a move."

The average price reduction last November was 6.1 per cent, compared to 7.4 per cent now. That represents a discount of nearly £3 billion off initial asking prices.

Nine out of the 10 most discounted towns are in the North, where the number of sellers reducing their asking price is also highest.

Glasgow tops the list of towns with the biggest discounts on offer, with an average reduction of £12,881, or 9.1 per cent.

Nearly a third of properties for sale in London have had to be reduced in price, suggesting the capital is not totally immune to the housing market turbulence across the rest of the country.

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The average property is now discounted £19,500 beneath its initial asking price - Image:Thinkstock

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