‘One in 10 property vendors drop asking price within 30 days’ – claim
As market correction continues, sellers are quickly cutting prices – with the East of England, London and the South-East property market worst hit
Up to one in 10 sellers are slashing asking prices in some parts of the country within a month of putting their property on the market.
Of the 85,000 homes that came onto the market in the past 30 days, according to Zoopla, 6,215 have already seen reductions.
This means that as the market continues to cool, 7.3% of vendors are almost immediately dropping their prices to entice a buyer.
The figures were compiled by House Buyer Bureau, which analysed the level of stock to have reached the market in the last month and what percentage of these homes had already reduced their asking price.
The East of England has seen the largest volume of sellers opting to cut the asking price, with one in 10 (10.1%) homes seeing a fall.
London and the South-East weak
London and the South-East are also showing signs of weakness, following close behind with reductions of 8.8% and 9.8%, respectively.
In the East Midlands the figure came in at 6.5%, while the West Midlands saw price cuts of 5.7%. In the South-West the fall was 5.9%,
The North of England saw the smallest number of price reductions, with Yorkshire and the Humber on 4.9%, the North-West at 4.3% and the North-East at 4.1%.
In terms of buyer demand for discounted property, the East Midlands sits top, with 8.1% of all price reduced homes listed within the last 30 days already sold subject to contract or under offer.
Demand is also high in the South-West (7%) and East of England (6.7%), while buyers are least motivated by a property that has seen a price drop in the North-West (3.9%) and London (4%).
Sellers ‘over optimistic’
Chris Hodgkinson, Managing Director of House Buyer Bureau, says: “The property market has been cooling for some months now and we’ve already seen house prices start to normalise as the pandemic market boom fades into memory.
“However, as our research shows, many sellers may still be acting with a degree of over optimism when entering the market and this is forcing them to have an almost immediate rethink where their asking price expectations are concerned.”
