One third of house sellers cut their asking prices

One third (34%) of properties currently for sale have been reduced in price since first coming on to the market, says property portal Zoopla. But the proportion is down from 37% in February.

The average discount is £19,012, or 7.5% of the original asking price – £500 less than in February.

The portal estimates that £2.9bn has been knocked off current asking prices in total, with £1.3bn in reductions in London alone.

Newcastle tops the list of places where the biggest discounts are currently being offered by sellers with average reductions of 11.1% (£22,151). Sellers in Liverpool have also made large concessions, knocking 9.2% (£14,031) off their original asking prices on average.

Rotherham has the highest proportion of discounted properties for sale, with 43.9% of sellers having cut their asking prices at least once. Other areas with a high proportion of asking price reductions include Swansea (42.5%) and Barnsley (41.6%).

* Yesterday, Zoopla announced it has acquired UpMyStreet, one of the longest-standing property information websites, for an undisclosed sum. Launched in 1998, UpMyStreet was one of the first property websites in the UK, carrying local information about places to live.

With immediate effect, users of UpMyStreet will be re-directed to Zoopla. The acquisition will be added into the mix when Zoopla’s own merger with the Digital Property Group completes – expected within the next few weeks.

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