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One in three homesellers has cut asking price, figures show

Published 10/08/2016

House prices are being slashed by sellers, new figures show
House prices are being slashed by sellers, new figures show

Around one in three homes listed for sale has had its original asking price slashed amid signs that sellers have become more willing to offer a discount.

By the start of August, some 32.6% of homes on the market across Britain had been reduced in price according to property website Zoopla.

It said the figure had increased by 1.49 percentage points over the month of July and in April 28.99% of homes on the market had been reduced.

Looking across the country, the North of England appears to have borne the brunt of the price cuts, with more than two-fifths of properties listed in Huddersfield, Wigan and St Helens having been marked down.

In London, 30.7% of homes on the market have had their original asking price chopped. House sellers in Kensington and Chelsea who are offering a discount have shaved nearly £157,000 off their asking prices typically - the biggest average discount of any borough in the capital.

Among the homes which have been reduced in price across the country generally, the average discount on offer is £25,257.

While the EU referendum and the surrounding economic uncertainty may have led some sellers to lower some expectations, some may have slashed their rates to attract buyers in what can be a quieter time over the summer holiday period.

Lawrence Hall, a spokesman for Zoopla, said the percentage of homes with reduced prices is " not as high as one might have predicted given the EU referendum outcome".

He said that with the recent cut in the Bank of England base rate to 0.25% and the prospect of mortgage rates remaining low for some time "where there are bargains to be had, this could present a good opportunity for those first time buyers lucky enough to have saved the required deposit".

Salford, Edinburgh, Slough and Glasgow were the places with the lowest proportions of homes on the market with the asking price having been reduced.

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