Serious sellers get the message

Screen shot 2012 02 08 at 14.27.29 Serious sellers get the message

Glasgow home reduced by 8.7%

Over a third of all properties currently for sale have had their asking prices cut to attract buyers…

According to figures from Zoopla the average discount being offered by sellers is now 7.5%, compared with 7% last year.

Topping the price-slashing charts are Glasgow and Scunthorpe, where prices are being cut, on average, by over 9%.

However, not all areas are experiencing that sinking feeling.

The average seller in Chelmsford is prepared to cut less than 6% off their asking price.

Nicholas Leeming, business development director of Zoopla.co.uk, said, “Pricing correctly remains key when selling a home and, whilst there is a shortage of sale stock currently, buyers are more discerning and more informed than ever before. Serious sellers must do their homework and follow the advice of their agent before settling on an asking price – otherwise they may well find their property on the market for longer than they’d hoped.”

Top 10 Areas with Biggest Asking Price Reductions

Rank Area Avg. Price Reduction (%) Avg. Price Reduction (£) % of Homes on Market Reduced
1 Glasgow -9.16% -£12,566 42.73%
2 Scunthorpe -9.12% -£13,207 43.19%
3 Blackpool -8.97% -£12,316 27.45%
4 Newcastle -8.77% -£21,823 36.99%
5 Rotherham -8.62% -£13,671 44.07%
6 Hull -8.48% -£9,674 34.60%
7 Maidstone -8.46% -£19,668 35.70%
8 Liverpool -8.34% -£14,355 39.36%
9 Bradford -8.21% -£11,675 38.05%
10 Preston -8.21% -£18,000 41.60%

Source: Zoopla.co.uk (February 2012)

 

Top 10 Areas with Highest Proportion of Asking Price Reductions

Rank Area % of Properties Reduced Avg. Price Reduction (%) Avg. Price Reduction (£)
1 Stockport 48.74% -8.11% -£17,384
2 Chesterfield 45.17% -7.87% -£14,028
3 Rotherham 44.07% -8.62% -£13,671
4 Scunthorpe 43.19% -9.12% -£13,207
5 Wakefield 43.14% -7.58% -£14,687
6 Glasgow 42.73% -9.16% -£12,566
7 Sunderland 41.77% -7.76% -£11,878
8 Warrington 41.75% -8.02% -£16,339
9 Leeds 41.61% -6.90% -£13,304
10 Preston 41.60% -8.21% -£18,000

Source: Zoopla.co.uk (February 2012)

 

Top 10 Areas with Smallest Asking Price Reductions

Rank Area Avg. Price Reduction (%) Avg. Price Reduction (£) % of Properties Reduced
1 Chelmsford -5.93% -£20,329 37.54%
2 York -6.01% -£17,031 31.83%
3 Swindon -6.20% -£12,455 41.58%
4 Bristol -6.23% -£14,658 34.94%
5 Bedford -6.26% -£16,518 41.37%
6 Plymouth -6.30% -£11,222 38.01%
7 Luton -6.32% -£12,067 40.94%
8 London -6.42% -£41,791 29.53%
9 Northampton -6.54% -£13,281 36.65%
10 Croydon -6.55% -£18,561 39.07%

Source: Zoopla.co.uk (February 2012)

 

Top 10 Areas with Lowest Proportion of Asking Price Reductions

Rank Area % of Properties Reduced Avg. Price Reduction (%) Avg. Price Reduction (£)
1 Blackpool 27.45% -8.97% -£12,316
2 Bolton 29.11% -8.11% -£13,980
3 London 29.53% -6.42% -£41,791
4 Derby 30.75% -6.87% -£11,738
5 York 31.83% -6.01% -£17,031
6 Wigan 32.80% -7.37% -£10,157
7 Hull 34.60% -8.48% -£9,674
8 Bristol 34.94% -6.23% -£14,658
9 Maidstone 35.70% -8.46% -£19,668
10 Bournemouth 35.81% -7.03% -£16,603

Source: Zoopla.co.uk (February 2012)


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