Home sellers looking to secure a sale via an asking price reduction are doing so to the tune of 19.8% on average, according to the latest research by House Buyer Bureau (HBB).
The research shows that the average price of a reduced property currently on the market across Britain is £303,533, having seen a reduction of 19.8%.
Home sellers in Scotland are currently adjusting their expectations to the largest extent, with asking prices being reduced by an average of 21.3% in the current market.
The North East is also home to one of the largest average asking price reductions, with homes seeing a 21.1% correction.
This is followed by Wales (20.8%), the West Midlands (20.6%) and East Midlands (20.5%).
Meanwhile, the South East is home to the highest proportion of asking price reductions, accounting for 21% of current market listings with a price reduction.
London also ranks high at 15%, followed by the North West (12%), East of England (11%) and South West (10%).
HBB managing director Chris Hodgkinson, comments: “The market has certainly slowed in recent months and as a result, we’re simply not seeing the same frantic activity from buyers offering way above the odds just to secure their chosen property.”
“However, what’s clear from these latest figures is that many sellers haven’t yet accepted this fact and are continuing to enter the market at a very high price point, far above the average sold price benchmark.”
“It’s this unrealistic expectation that is forcing them to drop their asking price in order to drum up interest. With many industry sources now showing that sold prices are also starting to slide, sellers are also choosing to slash their asking price to entice buyers at a faster rate to secure the best price they can.”
“For buyers, this means there are plenty of potential bargains on offer and this should continue to be the case for the remainder of the year. That said, what we’re seeing currently is very much a house price correction, not a collapse, so trying to strong arm too much of a discount when negotiating will likely see you lose out to another buyer.”
