Property Sellers Trim Asking Prices To Secure Summer Sales

  • 37% of properties currently for sale have had asking prices reduced
  • Average asking price reduction now stands at just under £19,000
  • Biggest reductions currently on offer in Newcastle and Liverpool

The number of properties for sale across the UK that have been reduced in price at least once by their owners to try to secure a sale is at a nine-month high, according to property website Zoopla.co.uk.

37% of UK properties currently on the market have seen their asking price reduced at least once since first being listed for sale, up from 34% just three months ago. With the average price reduction from the original asking price now at just under £19,000 (7.6%) house hunters can look for property bargains by sorting search results on Zoopla.co.uk by those most reduced in price.

The biggest discounts can currently be found in Newcastle upon Tyne where sellers have knocked an average of 9.6% (£18,888) off their original asking prices and Liverpool where the average reduction is currently 9.1% (£13,643). Wakefieldtops the list of places with the highest proportion of price-reduced properties on the market today (51%), followed by Rotherham (45.6%) and Barnsley (44.7%).

Nigel Lewis of Zoopla.co.uk said, “Activity levels tend to fall over the summer months as holidays delay the buying process. With the recent bad weather and the extended Jubilee bank holiday, the rise in proportion of price reductions is a signal that sellers have been doing everything they can to try and tempt those buyers still in the market. Once the distractions of summer holidays and the Olympics are gone buyers will once again be able to focus attention on their property search and this should bolster confidence among sellers.”

Top 5 Areas with Biggest Asking Price Reductions

Rank

Area

Avg. Price Reduction (%)

Avg. Price Reduction (£)

% of Homes on Market Reduced

1

Newcastle upon Tyne

9.6%

£18,888

37.9%

2

Liverpool

9.1%

£13,643

39.6%

3

Stockport

8.9%

£17,813

44.1%

4

Rotherham

8.7%

£13,170

45.6%

5

Romford

8.6%

£25,033

42.5%

Source: Zoopla.co.uk (August 2012)

Top 5 Areas with Highest Proportion of Asking Price Reductions

Rank Area

% of Homes on Market Reduced

Avg. Price Reduction (%)

Avg. Price Reduction (£)

1

Wakefield

51.0%

8.6%

£15,763

2

Rotherham

45.6%

8.7%

£13,170

3

Barnsley

44.7%

7.9%

£10,844

4

Stockport

44.1%

8.9%

£17,813

5

Warrington

43.9%

7.8%

£14,267

Source: Zoopla.co.uk (August 2012)

Top 5 Areas with Smallest Asking Price Reductions

Rank

Area

Avg. Price Reduction (%)

Avg. Price Reduction (£)

% of Homes on Market Reduced

1

Plymouth

5.8%

£10,761

38.4%

2

Reading

6.0%

£19,420

33.0%

3

Northampton

6.1%

£12,041

39.6%

4

Worthing

6.2%

£15,660

35.1%

5

Bristol

6.3%

£13,865

37.9%

Source: Zoopla.co.uk (August 2012)

Top 5 Areas with Lowest Proportion of Asking Price Reductions

Rank

Area

% of Homes on Market Reduced

Avg. Price Reduction (%)

Avg. Price Reduction (£)

1

London

29.0%

7.0%

£44,118

2

Chorley

29.8%

7.1%

£12,929

3

Lincoln

32.4%

6.7%

£11,073

4

Reading

33.0%

6.0%

£19,420

5

Hull

34.0%

7.6%

£8,943

Source: Zoopla.co.uk (August 2012)

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