1/3 of homes cut sale price

MORE than one-third of properties on the market have been reduced in price, research reveals.

Asking prices are down an average 8.5%, or £26,131.

The largest discounts are found in Bradford, Newcastle and Mitcham, South West London.

The lowest are in York, Bedford and Peterborough.

Lawrence Hall of site Zoopla, who did the study, said: “Discounts are higher than six months ago. This should be welcome news for first-time buyers.”