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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 PR Team on pr@zoopla.co.uk or +44 (0)20 3873 8770.

About Zoopla

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We know you're not just looking for a place to live. You're looking for a home.

Yeah, we've got over a million properties for you to browse.

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And reliable house price estimates, so you can be sure you aren't paying over the odds.

But we know you're looking for more than that.

Because that first flat won't just be a 'great investment opportunity'.

It'll be the feeling of starting out on your own.

That extra bedroom won't just mean another £20K on the re-sale price, it'll mean having your sister over to stay.

And that bungalow won't just be a way to release some equity, it will be a chance to spend more time with the grandkids.

We know that searching for a home is about more than just checking its price, location and features (important as all those things are).

What really matters is how it makes you feel.

We know what a home is really worth.

So let us help you find yours.

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