Date Published 08 February 2012
Over a third (36.7%) of UK properties currently for sale have been reduced in price at least once since first coming on to the market.
The average discount off the original asking price being offered by sellers across the UK on these homes now stands at £19,580 (7.5%) according to property search website Zoopla.
The average discount on price-reduced properties on offer today is over £1,000 more than this time last year when it stood at £18,475 (7%).
Home owners have slashed huge sums from their original asking prices in an attempt to attract buyers. The total amount reduced from the asking prices of all properties currently for sale across the country stands at £2.5bn, Zoopla estimates.
In some areas, almost half of all properties on the market have had their prices chopped. For example, in Stockport, 48.74% have had price reductions averaging £17,384.
In Scunthorpe, 43.19% of homes have had their prices cut by an average of 9.12%, lopping £13,207 off the asking price.
Sellers in Blackpool are also making big concessions, knocking 9% off their original asking prices on average, whilst Maidstone rounds out the top-three areas with the highest average reductions at 8.5% (£19,668).
Even in London, 30% of homes for sale have had price cuts of 6.42%.
Stockport has the highest proportion of discounted properties for sale with nearly half (49%) of sellers having cut their asking prices at least once. Other areas where a big proportion of sellers have felt the need to drop prices include Chesterfield (45%) and Rotherham (44%).
Zoopla director Nicholas Leeming said: `The current average discount of £19,580 is a new high, indicating that sellers have come to terms with the market realities.`