Discounts on UK property Prices Reach 7.5%

The latest research by Zoopla showed that average property discounts in the UK were record high.

Sellers were ready to slash asking prices by almost 20,000 pounds or 7.5%. This is 1,000 pounds or 0.5% more than at the same time last year.

Those looking for the biggest discount should consider buying in Glasgow. Discounts on property in the city reach 9.2%. In money terms, however, it is only 12,566 pounds. Glasgow was followed by Blackpool and Maidstone, where reductions in price stood at 9% and 8.5% respectively.

The cities with the largest proportion og discounted properties were: Stockport (49%), Chesterfield (45%), and Rotherham (44%).

Commenting on the findings, Nocholas Leeming of Zoopla, said: "The current average discount ... is a new high indicating that sellers have come to terms with the market realities. Pricing correctly remains key when selling a home and whilst there is a shortage of sale stock currently, buyers are more discerning and more informed than ever before. Serious sellers must do their homework and follow the advice of their agent before settling on an asking price – otherwise they may well find their property on the market for longer than they’d hoped."