House price reductions in the UK are at a nine-month high, according to property website Zoopla.co.uk.
According to its research, 37 per cent of properties currently on the market have seen their asking price reduced, up from 34 per cent in the previous quarter.
The average price reduction from the original asking price is now just under £19,000 (7.6 per cent), Zoopla said.
Currently, the largest discounts can be found in Newcastle upon Tyne, where sellers have knocked an average of 9.6 per cent (£18,888), and Liverpool, where the average reduction is currently 9.1 per cent (£13,643).
Wakefield tops the list of places with the highest proportion of price-reduced properties on the market today (51 per cent), followed by Rotherham (45.6 per cent) and Barnsley (44.7 per cent).
Nigel Lewis of Zoopla.co.uk said, “Activity levels tend to fall over the summer months as holidays delay the buying process. With the recent bad weather and the extended Jubilee bank holiday, the rise in proportion of price reductions is a signal that sellers have been doing everything they can to try and tempt those buyers still in the market.
“Once the distractions of summer holidays and the Olympics are gone buyers will once again be able to focus attention on their property search and this should bolster confidence among sellers.”
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