Homeowners continue to reduce asking prices in effort to sell

The figures from property website Zoopla.co.uk, provide a clear indication of sellers becoming more realistic in terms of their expectations and will be a welcome sign to buyers as the gap narrows between asking prices and what buyers are willing to pay.

This is most evident at the top end of the market, for properties listed for sale over £1m, where the average discount has climbed to 10% off the original asking price, up from 8% in November.

Nicholas Leeming, Commercial Director of Zoopla.co.uk, said,

"As a result of weaker than expected demand in the last half of last year, sellers have progressively reduced asking prices to more realistic levels in order to achieve sales.

"The traditional influx of new properties on the market at the start of the year has created even more intense competition amongst sellers. Even the resilient £1m+ market is showing signs that it is not immune from the general economic pressures as reductions have jumped at that end of the market."

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