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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