Two in five home sellers forced to cut asking prices as reality bites | Mail Online

Two in five home sellers forced to cut asking prices as reality bites | Mail Online

Two in five properties currently up for sale have had their asking prices cut at least once, a new report has revealed, as home buyers play the waiting game.

Buyers taking advantage of the continuing slump in home sales to test sellers’ resolve are seeing their strategy pay off – with the average price reduction of £18,500 shaving 7.1% off the original asking price.
The 38.6% of properties sitting on estate agents’ books that have had their prices cut is up from 37% three months ago and 32% a year ago.

The research by property listing website Zoopla.co.uk shows that even Millionaires’ Row is not immune from the buyers’ market – with 27% of all £1 million-plus homes on the market having had their asking price cut.
This is up from the 25% three months ago and 22% a year ago that had seen cuts.