Asking price discounts hit all-time high
Tuesday, 7 February 2012 12:38 PM
One in three of the properties currently for sale have had their asking price cut, according to Zoopla.co.uk.
The property search website says the average reduction off the original asking price has now reached an all-time high of £19.580 or 7.5 per cent as sellers try to attract buyers. The discount has grown by £1,000 in the last 12 months.
Glasgow is the asking price discount capital of the UK with an average price reduction of £12,566 or 9.2 per cent. But it's closely followed by Blackpool with a nine per cent discount and Maidstone with 8.5 per cent.
Stockport has the highest proportion of homes for sale with discounted prices (49 per cent) followed by Chesterfield (45 per cent) and Rotherham (44 per cent).
In contrast the three places with the smallest asking price reductions are Chelmsford (5.9 per cent), York (6.0 per cent) and Swindon (6.2 per cent).
Interestingly, although properties in Blackpool had the second-highest asking price discount, the town tops the table of areas with the lowest proportion of homes with reductions at 27.4 per cent. Bolton (29 per cent) and London (29.5 per cent) are second and third.
Nicholas Leeming of Zoopla.co.uk said: "Serious sellers must do their homework and follow the advice of their agent before settling on an asking price – otherwise they may well find their property on the market for longer than they'd hoped."
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Tags:
- asking prices ,
- selling property ,
- zoopla
