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More than a Third of Properties for Sale Have Been Reduced
More than a third of homes for sale have had their price reduced at least once since being listed, with Glasgow, Blackpool and Maidstone being the worst affected. The average discount from the original selling price is £19,580, or 7.5% which is £1,000 more than price reductions seen this time last year. According to Zoopla, homeowners are slashing their prices in an effort to attract buyers, and apparently if all these reductions were added up they would total around £2.5 billion. The current levels of discounted properties are at a new high as sellers come to terms with the fact that their previous asking prices were unachievable.
Experts have been pointing out for quite some time the need to price property correctly as buyers are far more discerning than in the past. There is also the added problem that an overpriced property which receives an offer may get an unfavourable report from the mortgage lender, causing the transaction to fall through. In spite of people being forced to reduce the price of properties for sale, most Brits remain upbeat about the housing market with many believing prices will rise rather than fall. However most believe prices will remain unchanged. Londoners are the most optimistic, while those living in the North East are the most pessimistic - or maybe that should be realistic!