UK Towns Forced To Cut Asking Prices - BMV Property Investment Deals

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UK Towns Forced To Cut Asking Prices

Blog and News - Property Market

Written by John Angeletta

Tuesday, 16 August 2011 18:12

UK Towns Forced To Cut Asking Prices

According to Zoopla, more property sellers have reduced their asking price than at any time in the last year with average cuts of over £18,000 (7%).

Nearly 2-in-5 of all property for sale in Britain has been reduced at least once since coming onto the market, up from 1-in-3 three months ago, increasing slightly year-on-year.

Once considered as the most resilient, even properties over the million are not immune with 27% having been reduced in price at least once, up from 25% three months ago and significantly higher than the 22% 1-year ago.

The North of England is hardest hit. According to Zoopla, sellers in Bolton suffered the biggest cut by an average of 8.6%. Glasgow and Newcastle-upon-Tyne both share 8.2%, which completes the top three slots and Liverpool made the top-10 too.

The south-east faired better where properties in Chelmsford, reducing by 5.5% has, the lowest average discount with London at 6.3% and Croydon, 5.6%.

In Stockport, nearly half of all properties for sale have been reduced since coming onto the market. Huddersfield followed closely with Chesterfield.

Nicholas Leeming, Business Development Director for Zoopla.co.uk says, Vendors continue to have to lower prices due to weak buyer demand. Sluggish economic growth has hit buyer confidence and tight-fisted lenders are currently making it impossible for swathes of would-be buyers to benefit from the price reductions.

For those who can get mortgages, now is as good a time as there has been in over a year to bag a property bargain.

Call John on 0203 239 4359 to explore your below market value opportunity.

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