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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.”

Table shows the proportion of properties currently listed with an asking price reduction by area, as well as the average reduction

Proportion %

Ave Price now - price reduced

Ave % reduced by

Ave Price - before reduction


Ave Price - wider area

Difference vs wider area

    South East 21% £339,047 19.2% £419,612   £390,086 -13.1%
    London 15% £678,912 19.3% £840,854   £840,170 -19.2%
    North West 12% £156,147 20.4% £196,045   £187,005 -16.5%
    East of England 11% £301,268 18.8% £370,967   £342,525 -12.0%
    South West 10% £289,646 20.0% £362,127   £334,765 -13.5%

Yorkshire and the Humber

9% £142,221 20.4% £178,629   £172,833 -17.7%
    East Midlands 6% £195,673 20.5% £246,279   £228,830 -14.5%
    Wales 5% £172,373 20.8% £217,648   £210,852 -18.2%
    West Midlands region 5% £194,199 20.6% £244,537   £236,731 -18.0%
    North East 3% £110,465 21.1% £140,006   £131,885 -16.2%
    Scotland 2% £106,623 21.3% £135,489   £160,656 -33.6%
    Great Britain 100.0% £303,533 19.8% £378,635   £361,935 -16.1%
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    Compounded by the fact that there are desperate agents listing anything at any price, without giving a monkeys about selling the property. Always the same old agents at the top of RM+ reductions table and most of the time they are the bottom of the sales results. Desperate times, desperate measures….won’t be around long with that approach.


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