Sellers Slash Thousands Off House Asking Prices

A property website has revealed that house-sellers are slashing bigger chunks off their original asking prices, potentially giving more opportunities for buyers to negotiate a discount.

The research, taken from properties listed on Zoopla's website, reveals that the average discount on the original asking price of a property in Britain is more than £25,000 – an increase of nearly £4,000 when compared with the typical discount in January.

Findings also reveal that 29% of homes currently listed for sale on Zoopla's website have had the price cut at least once since the property was first listed. Zoopla said eight of the ten areas with the highest proportion of properties with a reduced asking price were in the North of England, with almost half of all properties listed in St Helens, Hartlepool and Middlesbrough having been marked down.

One explanation for the discounts may be the stamp duty increase on second homes which came into effect on April 1. Some reports suggest that house sales were brought forward that might otherwise have taken place later in the year, as investors rushed to beat the stamp duty threshold.

Lawrence Hall, a spokesman for Zoopla, said:

"The rise in the average discount to over £25,000 should be welcome news for aspiring home owners looking to get a foot on the property ladder.

"Despite increasing house prices across the country, there's clearly still space for negotiation."

If you are buying or selling, speak to our team today for a free, no obligation conveyancing quote. Call us on 0161 928 5558 for more.

Collings Solicitors

Conveyancing Specialists