Recent news has announced that one third of properties for sale will be sold after making a reduction on the original asking price
. Selling your property in the current climate is becoming more and more challenging, even more so than during the depths of the recession some have argued.
The property for sale will have had a cut in price at least once since going up for sale, these figures come as a surprise for some as talk of the housing market improving has been heard a lot recently.
The areas of the UK where reductions are proving to be the most costly are Rotherham, Barnsley and Manchester. Original prices were slashed by around 7.1% on average in these places.
Translated into sales figures this is an average drop in price of 9500 when in Rotherham a 9000 drop in Barnsley and a drop of 11,400 in Manchester. When the reductions are put into prices it is easy to see how they make a difference.
Commercial director of company Zoopla, Nicholas Leeming has been quoted as saying "Sellers across the country are certainly feeling the heat this summer as the recovery has slowed and the market direction is uncertain." The property market recovery certainly seems to be stunted at the moment.
Thousands of sellers have been reducing their asking price with the hope of attracting buyers in a desperate bid to finally sell their houses. It is important to consider the UK as a market made up of many sub markets rather than to view it as one big market. In the south of England house prices are seeing much smaller reductions which experts believe is down to employment and economic prospects being better.
It is a buyers' market at the moment and clever house hunters will certainly be watching out for properties that have the biggest reductions in order to get themselves the best bargain they can find.