Property asking prices slashed as market stalls

Many sellers are now reducing the price of their homes by tens of thousands.

Sellers are taking record amounts off their properties as the housing market continues to stall, according to new research by property website Zoopla.

The average UK asking price discount is now £19,580, an all-time record and £1,105 higher than it was this time last year.

Zoopla says that a third of properties currently for sale have had their asking price cut, which equates to £2.5 billion across all those homes.

Here are the 10 areas with the biggest asking price reductions:

And here are the 10 areas with the smallest asking price reductions:

The price cuts broadly mirror other surveys that say a north/south divide is opening up in terms of both prices and sales, with the south of England, in particular London, continuing to hold up, albeit marginally.

The places with the highest number of sellers that have cut their asking prices are Stockport, Chesterfield, Scunthorpe, Wakefield and Glasgow.

The places with the fewest number of sellers who’ve offered a discount are Blackpool, Bolton, London, Derby and York.

Many experts are talking about 'micro markets' within regions, where a town or city's desirability in terms of things such as transport links, types of homes and schools will keep its prices steady, while prices in nearby places without those drawcards drop.

At lovemoney.com, you can research all the best deals yourself using our online mortgage service, or speak directly to a whole-of-market, fee-free lovemoney.com broker. Call 0800 804 8045 or email mortgages@lovemoney.com for more help.

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