Data from property search site
Zoopla.co.uk has found that over a third of properties currently on the market have been dramatically reduced in price at least once since being put up for sale.
The figures show that vendors are slashing their asking price by an average of 7.5% - a whopping £19,580 - in a bid to attract buyers. This discount is higher than the average reduction last year, meaning that there should be even more bargains to be had in 2012
(great for investors, not so great for downsizers).
Source: This is Money
If you're currently selling your house, speak to your agent, there's no point rushing in to slash your asking price off the back of this data if the reductions aren't really happening in your area. However, if you find that you are priced above similar properties nearby, then it might be a good idea to think about reducing your asking price - it doesn't have to be a dramatic discount, and even a little bit knocked off could see you attracting a whole host of new potential buyers. One thing to consider is stamp duty, if you're just above a threshold then it could be a good time to bring your asking price just under this - you wouldn't believe how many people base their budget on the stamp duty levels when looking for properties.
