Sell­ers face up to need for price cuts

Yorkshire Post - Property - - PROPERTY -

SELL­ERS are low­er­ing their ex­pec­ta­tions, ac­cord­ing to prop­erty search web­site, Zoopla.

It says 39 per cent of all homes cur­rently up for sale have had their prices cut at least once since be­ing put on the mar­ket.

The av­er­age price cut is £18,500, or seven per cent of the orig­i­nal ask­ing price. A year ago, the av­er­age price re­duc­tion was six per cent, and they af­fected 32 per cent of homes for sale.

Ni­cholas Leem­ing of Zoopla says: “Ven­dors con­tinue to have to ac­cept lower prices due to weak buyer de­mand. Slug­gish eco­nomic growth has hit buyer con­fi­dence and tight-fisted len­ders are cur­rently mak­ing it im­pos­si­ble for swathes of wouldbe buy­ers to ben­e­fit from the price re­duc­tions.”

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