Date Published 23 November 2011
Over 40% of all UK properties currently on the market have experienced at least one price reduction, with the average chop over £19,500 – or 7.4% of the original asking price.
The amount of the discount is £3,500 more than this time last year.
Glasgow tops the list of places where the biggest discounts are on offer, followed by Newcastle and Bolton.
In Sunderland, there is the highest proportion of properties on the market that have been discounted at least once, with more than half (53.6%) of sellers having to reset their expectations downwards at least once.
Even in London, nearly a third (32.6%) of properties for sale in the capital have had to be reduced in price.
Nicholas Leeming of Zoopla said: `With the latest economic forecasts for 2012 looking decidedly gloomy, sellers may have to reduce their expectations further if they are serious about making a move.`