Two out of five properties for sale in the UK have been slashed in price in a bid to encourage buyers, recent research has shown.
40% of properties have been reduced in price at least once, showing the shifting nature of seller expectations over the last year. With confidence reduced in the wake of the Eurozone crisis and high unemployment, sellers are becoming more realistic about their homes’ value.
The average price drop stands at 7.4%, a significant increase from 6.1% in November last year.
Discounts have reached a new high of £19,500, revealed zoopla.co.uk, and many forecast that a multitude of sellers will need to further reduce their asking prices before they can move home.
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