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Property asking prices discounted

Recent figures show that more current sellers have reduced the asking price of their home than at any time in the last year. Two in five (38.6%) of all properties currently for sale in Britain have had their asking prices reduced at least once since coming onto the market, up from 37% three months ago, and well ahead of the 32% one year ago.

The data, by Zoopla.co.uk, reveals that sellers have been forced to reduce prices by £18,597 (7.13%) on average in an effort to attract buyers. The average price reduction is now £2,200 more than one year ago when the average discount from the original asking price was 6.1%.

And the north-south divide continues to widen in the property market. Sellers in the north are being forced to reduce asking prices by much more than their counterparts in the south. Northern towns and cities dominate the list of places with the highest average price reductions.

Sellers in Bolton are suffering the most, having been forced to reduce the original asking price by 8.6% on average. Glasgow (8.2%) and Newcastle-upon-Tyne (8.2%) complete the top three, while other major northern cities like Liverpool are also in the top ten.