According to Zoopla, the property website, two out of every five properties on their website has been reduced in price since first marketed.
Here are their key findings:
- 2 in 5 properties on the market today have had price lowered at least once
- Average price reduction by sellers is over £18,500, 7.1% off original price
- North seeing more asking prices reduced and by higher % than in South
Home owners in Bolton are suffering the most, reducing their original asking price by 8.6% on average. Glasgow (8.2%) and Newcastle-upon-Tyne (8.2%) complete the top three, while other major northern cities like Liverpool are also in the top 10.
Prices in the south east have remained more resistant to reductions. Properties in Chelmsford (5.5%) have the lowest average discount and the list also includes other prominent south-east areas like London (6.3%) and Croydon (5.6%).
This analysis reflects that from Rightmove last week which indicated that sellers are having to lower asking prices to more realistic levels in order to attract buyers.
But don’t be too alarmed. There is a massive difference between asking prices and sale prices (actual prices). All that is happening here is that seller expectation is adjusting in line with a property market that is not as buoyant as some sellers hope.
ACTUAL sold prices are a mere 2% down on this time last year. Hardly a crash.