Sellers are slashing asking prices by up to 20% - claim

Vendors are cutting asking prices by as much as 20% on average to secure a sale, new research claims.

Quick-buy firm House Buyer Bureau analysed the latest statistics on asking price reductions across the market in Britain using figures from PropertyData.

Its research found that sellers in Scotland are currently adjusting their asking price expectations to the largest extent, with asking prices reducing by an average of 21.3% in the current market.

The South East of England is home to the highest proportion of asking price reduced properties, accounting for 21% of current market listings with a reduction, according to the research.

Chris Hodgkinson, managing director of House Buyer Bureau, said: “The market has certainly slowed in recent months and as a result, we’re simply not seeing the same frantic activity from buyers offering way above the odds just to secure their chosen property. 

“However, what’s clear from these latest figures is that many sellers haven’t yet accepted this fact and are continuing to enter the market at a very high price point, far above the average sold price benchmark. 

“It’s this unrealistic expectation that is forcing them to drop their asking price in order to drum up interest. With many industry sources now showing that sold prices are also starting to slide, sellers are also choosing to slash their asking price to entice buyers at a faster rate to secure the best price they can. 

“For buyers, this means there are plenty of potential bargains on offer and this should continue to be the case for the remainder of the year. That said, what we’re seeing currently is very much a house price correction, not a collapse, so trying to strong arm too much of a discount when negotiating will likely see you lose out to another buyer.”