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Property sellers trim asking prices to secure summer sales

14th August 2012

  • 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). Wakefield tops 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%).

Lawrence Hall 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)

- Ends -

For further information, please contact Tim Vooght at pr@zoopla.co.uk or on 020 3872 5615.

Notes to editors

Zoopla is the UK's most comprehensive property website, focused on empowering users with the resources they need to make better-informed property decisions. We help consumers both find their next home and research the market by combining hundreds of thousands of property listings with market data, local information and community tools.

At Zoopla we are fans of transparency and everything we do is aimed at making the market more efficient for both property consumers and advertisers alike. Zoopla has rapidly become the UK’s leading online destination for property consumers to search for homes and do their market research and the favoured online marketing partner for UK estate agents, letting agents and property developers.

Launched in 2008, Zoopla has since been one of the fastest growing websites in the UK, now attracting over 40 million visits per month and we are proud to have collected numerous awards and accolades along the way, including being named one of the Top 10 UK Tech Companies (Guardian) and one of the Top 10 Most Innovative UK Companies (Smarta).

Zoopla is part of Zoopla Limited which was founded in 2007.

Zoopla Limited, The Cooperage, 5 Copper Row, London, SE1 2LH
Registered in England and Wales with Company No. 09005884
VAT Registration number: 191 2231 33
Data Protection number: Z9972266

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