One third (34%) of properties currently for sale have been reduced in price since first coming on to the market, says property portal Zoopla. But the proportion is down from 37% in February.
The average discount is £19,012, or 7.5% of the original asking price – £500 less than in February.
The portal estimates that £2.9bn has been knocked off current asking prices in total, with £1.3bn in reductions in London alone.
Newcastle tops the list of places where the biggest discounts are currently being offered by sellers with average reductions of 11.1% (£22,151). Sellers in Liverpool have also made large concessions, knocking 9.2% (£14,031) off their original asking prices on average.
Rotherham has the highest proportion of discounted properties for sale, with 43.9% of sellers having cut their asking prices at least once. Other areas with a high proportion of asking price reductions include Swansea (42.5%) and Barnsley (41.6%).
* Yesterday, Zoopla announced it has acquired UpMyStreet, one of the longest-standing property information websites, for an undisclosed sum. Launched in 1998, UpMyStreet was one of the first property websites in the UK, carrying local information about places to live.
With immediate effect, users of UpMyStreet will be re-directed to Zoopla. The acquisition will be added into the mix when Zoopla’s own merger with the Digital Property Group completes – expected within the next few weeks.
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Comments
What a bunch of wasters you lot are! I am an agent and negative stuff IS banned from this office.
All you are doing is creating worse business than ever because how many non agents view these lovely forums? Loads no doubt so shut it and get on with your work you dip sticks.
Hey, little Doggie!
Still all yap, yap, yappy then………………………this ones for you little fella
Jonnie
Jonnie
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Jonnie
Jonnie
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……………………………….more? Okay…………
Jonnie
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Little Jonnie you dont need to put your name at the end of your drivel, its in the name box, fool.
No name needed here.
Nice to see little Doggie back (albeit as Crabs & Lobster) and all waggy – was worried he’d be hit by a car chasing squirrels or something………yap, yap, yap and a stunning contribution as always, good doggie.
Anyway to the story / point, there isn’t anything bad about price reductions, it’s a vendor making a choice for any number of reasons to move house, it might be they have found a place to buy and are more concerned about the cost to change, it might be they knowingly chanced their arm in the first place and have had a punt at a higher price and are now happy it was never worth £XYZ.
Im normally with Ray Evans but not totally on this one – successful EA’s live off good stock and getting a meaningful price reduction is a hard job, you need the vendor to trust a believe in you and reports like this can help support the advice for a customer to reduce.
………………plus the other 60 odd % unreduced will be at some point
Jonnie
@rantnrave on 2012-05-11 10:33:32
Once again you miss the main point of my post.
Not only are you rude and insulting as usual, you also assume that your "facts" and assumptions are right every time! This time you say " Those will be the ones sitting on the books year after year and bringing no income to the estate agent, only costs in marketing" So you have info. that all those that have been reduced have sold?.
Very selective again. However, I do not intend to enter into what I call "ping pong" with you.
Ray, how very dare you have another view to rant, next you will have little Jonnie and Wardy telling you what to think! Hows the weather on the coast, worth the trip this weekend or stay in shore?
Yes Ray - two thirds of properties have not been reduced in price. Those will be the ones sitting on the books year after year and bringing no income to the estate agent, only costs in marketing.
By citing a report of rising house prices as 'good news', you also seem to have forgotten that the industry you work for thrives on turnover, not high prices. Or are you thinking about your pension again?
Who says the doom mongers are right. How about some positives:
"Two thirds (63%) of properties currently for sale have NOT been reduced in price since first coming on to the market......"
"House prices to rise again from next year...."
Agents seem to be their own worse enemies - what other profession would keep sending negative vibes to their clients and potential clients? - virtually saying do not buy!
Cheers! ;>)
Only 37%!
Where I am DPG Insight shows that over 50% of properties have received a price reduction.
Of the properties that have accepted an offer it rises even further.
I work in an area of "price rises" caused by desperate silly estate agents using it as a tactic to get people to sign up.
VERY depressing.
Oh, and I know you read my comments Mr. Competitor (you KNOW who you are) - start behaving yourself!
Love & kisses
XXX
"AGENTS PIPELINES HIT"
"ONE THIRD OF BUYERS CUT ASKING PRICES"
"HOUSE PRICES SET TO RISE NEXT YEAR"
These are the first 3 headlines in the ea today this morning.
SPOT THE ODD ONE OUT ???
Really.....this goes to prove beyond doubt that industry commentators don't know what they are talking about.
What negative slant?
"But the proportion is down from 37% in February".
So why lead with the negative slant?