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Price-reduced properties at a lowest level in over 2 years

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13/11/2012
Fewer homeowners are feeling the pressure to drop their asking prices as the proportion of properties that have seen their asking price reduced from its original level is at a 2-year low.

According to property website Zoopla.co.uk, 32.8% of properties currently for sale have had their asking price reduced at least once, down from 36.9% three months ago and 40.4% one year ago.

However, the average price reduction on those properties that have been discounted is up to its highest level in two years, now standing £20,612, compared to £18,993 three months ago.

Lawrence Hall, from Zoopla.co.uk, said: “The proportion of properties that have seen their price reduced and the average amount of the discount provides good insight into the strength of the local market.

“With the proportion of discounted properties nationally at a 2-year low, this would indicate that sellers are feeling more confident than they have for some time.”

The research also highlights different parts of the country where either a larger proportion of sellers than average have been forced to reduce prices or the reductions have been greater than average, often as a result of multiple price reductions.

The areas with the highest proportion of properties that have seen their asking prices slashed include Wakefield (50.4%), Chesterfield (42.5%) and Barnsley (42.2%).

And the biggest percentage drops from original asking prices are currently to be found in Romford (10.3%), Wakefield (8.9%) and Newcastle upon Tyne and Liverpool (both 8.8%).

At the other end of the scale, Edinburgh, Poole, Telford, Reading and Wolverhampton top the list of places with the smallest asking price discounts on offer currently.

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