Two in five – 38.6 per cent – of all people looking to sell their home have had to slash their asking prices since putting their property on the market in an effort to attract buyers, according to property website Zoopla.co.uk.
Three months ago the ratio stood at 37 per cent and a year ago it was 32 per cent of all properties.
Of all £1m plus properties on the market, 27 per cent have had their price reduced at least once, up from 25 per cent three months ago and 22 per cent a year ago.
On average sellers have had to reduce prices by £18,597.
Sellers in the North have suffered more than their southern counterparts, with sellers in Bolton having had to reduce their prices the most – 8.6 per cent on average. Glasgow – 8.2 per cent – and Newcastle-upon-Tyne – 8.2 per cent – complete the top three.
In the South, Chelmsford has the lowest average discount, at 5.5 per cent, while sellers in London and Croydon have had to reduce their asking prices by 6.3 per cent and 5.6 per cent respectively.
Zoopla.co.uk business development director Nicholas Leeming says: “Vendors continue to have to lower prices due to weak buyer demand. Sluggish economic growth has hit buyer confidence and tight-fisted lenders are currently making it impossible for swathes of would-be buyers to benefit from the price reductions. For those who can get mortgages, now is as good a time as there has been in over a year to bag a property bargain.”