'Significant' house asking price reductions of late

Posted: 16 Aug 2011 12:05:48 GMT

Around two in five properties currently on the market have had their prices lowered at least once.

There have been significant reductions in UK house asking prices of late, new research has shown.

Carried out by Zoopla.co.uk, the study revealed more current sellers have lowered such costs than they have at any other time over the last 12 months.

According to the investigation, two-in-five (38.6 per cent) of all homes on the market in the UK have seen their asking prices reduced at least once.

This was a rise on the 37 per cent recorded three months ago and markedly higher than the 32 per cent reported at the same point last year.

Nicholas Leeming, business development director of Zoopla, said: "Sluggish economic growth has hit buyer confidence and tight-fisted lenders are currently making it impossible for swathes of would-be buyers to benefit from the price reductions."

The findings come after recent research from Lloyds TSB revealed house prices in new university towns throughout the UK have risen considerably over the last decade.
 

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