1 in 3 house sellers cut their asking price - especially in Halifax and Huddersfield

editorial image
1
Have your say

Around one in three homes listed for sale has had its original asking price slashed amid signs that sellers have become more willing to offer a discount.

By the start of August, some 32.6 per cent of homes on the market across Britain had been reduced in price according to property website Zoopla.

It said the figure had increased by 1.49 percentage points over the month of July and in April 28.99 per cent of homes on the market had been reduced.

Areas of Yorkshire feature prominently in a list of the top ten parts of the country that have seen the highest proportions of asking price reductions.

In Halifax more than 40 per cent of homes on the market have been reduced, on average by 8.3 per cent, or £15,554.

Almost 45 per cent of homes listed for sale in Huddersfield have been reduced in price - the most of anywhere in the country - by an average of 6.7 per cent or £14,030.

Rotherham has also seen over 40 per cent of sale stock fall in price, and by 7.1 per cent, equating to an average reduction by £10,984.

The North of England appears to have borne the brunt of the price cuts

In London, 30.7 per cent of homes on the market have had their original asking price chopped.

Among the homes which have been reduced in price across the country generally, the average discount on offer is £25,257.

While the EU referendum and the surrounding economic uncertainty may have led some sellers to lower some expectations, some may have slashed their rates to attract buyers in what can be a quieter time over the summer holiday period.

Lawrence Hall, a spokesman for Zoopla, said the percentage of homes with reduced prices is “not as high as one might have predicted given the EU referendum outcome”.

He said that with the recent cut in the Bank of England base rate to 0.25 per cent and the prospect of mortgage rates remaining low for some time “where there are bargains to be had, this could present a good opportunity for those first time buyers lucky enough to have saved the required deposit”.

Salford, Edinburgh, Slough and Glasgow were the places with the lowest proportions of homes on the market with the asking price having been reduced.