Sellers face up to need for price cuts
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.”