Revealed: Largest number of house price reductions are in this area

The South-East is home to the highest proportion of asking price reduced properties, according to new research. 

Quick-buy firm House Buyer Bureau, says 21% of properties in the South-East are being reduced in price by almost 20%.

The firm analysed the latest statistics on asking price reductions across the market in Britain using figures from PropertyData.

The research shows that the average price of a reduced property currently on the market across Britain is £303,533, having seen a reduction of 19.8%.

Scotland has the largest average asking price reductions

The North East is also home to one of the largest average asking price reductions, with homes seeing a 21.1% drop, followed by Wales (20.8%), the West Midlands (20.6%) and East Midlands (20.5%).

The largest reduction, however is in Scotland with a massive 21.3%.

‘Market has slowed in recent months’

Chris Hodgkinson, managing director, of House Buyer Bureau said: “The market has certainly slowed in recent months and as a result, we’re simply not seeing the same frantic activity from buyers offering way above the odds just to secure their chosen property.

He added: “However, what’s clear from these latest figures is that many sellers haven’t yet accepted this fact and are continuing to enter the market at a very high price point, far above the average sold price benchmark.

“It’s this unrealistic expectation that is forcing them to drop their asking price in order to drum up interest. With many industry sources now showing that sold prices are also starting to slide, sellers are also choosing to slash their asking price to entice buyers at a faster rate to secure the best price they can.”