A London estate agency chain says It’s seen a 59 per cent surge in the number of its clients who have cut asking prices since the start of September in order to find a buyer.
The agency, Chesterton, claims this appears to have had the desired effect with 23 per cent more offers in September than In August.
However, the agency warns that “with 15 per cent more buyers in the market than September last year but 19.5 per cent fewer properties available for sale, buyers are facing increased competition from other motivated buyers for well-priced properties.”
According to managing director Guy Gittins: “The months of September and October are often the last chance for sellers to market their properties with a realistic chance of completing the sale before Christmas and we have seen a sharp seasonal uplift in the number of sellers willing to reduce their asking prices in order to secure a sale.
“Buyers have responded well to these price reductions and have been making offers, which clearly shows the appetite is still there when a property is marketed at the right price.”
Last week Property consultancy LonRes released figures showing that average discounts on the price at which a property was first listed in London was typically 11 per cent in the third quarter of this year: although a high discount by standards of most UK regions, this was actually the lowest percentage in London for the past two years.