Property sellers in the United Kingdom (UK) are facing a very finicky buyer’s market where prospective purchasers are few in number and aware of the favorability in negotiations. Economic uncertainty and restricted lending have priced many people out of the UK real estate market, leaving those who are still in it in a good position in relation to those trying to move property. Glasgow, Blackpool and Maidstone are experiencing significantly lower rates, with price reductions between 8.5% and 9.2% among the three locations. The average decrease across the region stands at 7.5%, according to property research website Zoopla. For more on this continue reading the following article from Property Wire.
Over a third of UK properties for sale currently have been reduced in price at least once since first coming onto the market with the biggest reductions in Glasgow, Blackpool and Maidstone, according to new research.
The average discount off the original asking price being offered by sellers across the UK on these homes now stands at £19,580 or 7.5%, according to property search website Zoopla.
The average discount on price reduced properties on offer today is over £1,000 more than this time last year when it stood at £18,475 or 7%.
Home owners have slashed huge sums from their original asking prices in an attempt to attract buyers, the company says. The total amount reduced from the asking prices of all properties currently for sale across the country stands at £2.5 billion.
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Zoopla, which lists hundreds of thousands of properties for sale, offers a unique facility on its website that lets users sort search results by those that have been most reduced in price, highlighting potential property bargains to home buyers across the UK.
Glasgow tops the list of places where the biggest discounts are currently on offer with an average price reduction of 9.2% or £12,566. Sellers in Blackpool are also making big concessions, knocking 9% off their original asking prices on average and in Maidstone the reductions in price are 8.5% or £19,668.
Stockport has the highest proportion of discounted properties for sale with nearly half, 49%, of sellers having cut their asking prices at least once. Other areas where a big proportion of sellers have felt the need to drop prices include Chesterfield at 45% and Rotherham at 44%.
‘The current average discount of £19,580 is a new high indicating that sellers have come to terms with the market realities,’ said Zoopla director Nicholas Leeming.
‘Pricing correctly remains key when selling a home and whilst there is a shortage of sale stock currently, buyers are more discerning and more informed than ever before. Serious sellers must do their homework and follow the advice of their agent before settling on an asking price otherwise they may well find their property on the market for longer than they’d hoped,’ he explained.
This article was republished with permission from Property Wire.