Nearly four in ten sellers cut their prices

Thursday 16th August 2012

Nearly four in ten properties have had their prices cut since being launched on the market, says Zoopla.

The proportion (37%) is the highest for nine months, says the property portal.

The average asking price reduction is £19,000, with the biggest reductions in Newcastle and Liverpool.

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%).
 
Even in London, which has the lowest proportion of properties for sale where the prices have been cut, 29% of homes have been reduced, on average by 7% – which in London works out to £44,118.