Rise in asking price reductions injects feel good factor back into market
24 December, 2014
New research by Zoopla has shown that there has been a rise in the volume of properties currently for sale that have seen their asking price lowered at least once since coming to market.
The new figure is up 6% from 27% in February and the highest proportion of discounting since August 2012.
The average amount that a property has been reduced by has also risen since the start of the year. Asking price reductions are now at 6.7% on average off the initial asking price which is equivalent to £24,429. This new figure is up from 6.3% (£20,781) in February 2014. The new data reveals that a total of £3.8bn has been knocked off the original asking prices of properties currently on the market, creating some potential bargains.