A new report has shown that over one third of all UK property currently for sale has been reduced in price at least once since it first came onto the market.
According to data from the leading property search website Zoopla.co.uk, 36.7% of properties have had a reduction at some point, with the average reduction being £19,580 (7.5%) – a record high for the report.
The new figures show the desperate measures some home owners are having to go to, in order to find a buyer for their property in these difficult market conditions – with economic uncertainty and lack of mortgage availability continuing to affect the housing market.
“The current average discount of £19,580 is a new high indicating that sellers have come to terms with the market realities.”
“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.” Nicholas Leeming of Zoopla.co.uk
The report shows an increase of over £1,000 on the average discount compared to last years report, where to average discount stood at £18,475, showing that sellers are becoming even more realistic in the current climate.