Asking prices see most significant cut in six years

New research has found that asking prices are facing the most significant cuts since 2011.

According to Zoopla, over a third (35%) of properties listed on their site and PrimeLocation have reduced their price.

At present, £25,562 is the average amount asking prices have dropped by across the UK.

The most significant reductions have been seen in the South, where homes in areas such as Kingston upon Thames have been reduced by up to £84,244.

Despite the substantial reductions seen across Southern regions, the same cannot be said in Scotland and Northern England; the research found that these areas have seen significantly fewer discounts being made.

For example, whilst 39% of listings in London have cut their asking prices, just 16% of properties in Edinburgh have dropped their price, rising to 19% of those in Salford and a quarter of all properties in Manchester.

Commenting on the figures for Lawrence Hall, spokesman for ZPG. He stated that the discounts are likely to be somewhat seasonal,  with prospective buyers putting off their plans until 2018.

“A slight rise in levels of discounting is to be expected at this time of year when house-hunters are likely to be delaying their property search until activity picks up in January.”

Today's Conveyancer