As the UK property market picks up new figures show that the proportion of discounted properties for sale has fallen from 37% to 32% over past 12 months.
Average asking price discount on the original asking prices has come down to 6.3% from 7.6% a year ago but there are regional differences.
The North/South property divide remains clearly evident in the Zoopla research, showing all of the top 10 areas with the highest proportion of discounted properties being in the North and nine of the top 10 areas with the biggest discounts on offer also being in the North.
For example, some 42.7% of properties currently for sale in Barnsley have had their asking price reduced at least once since being put on the market, with Rotherham at 42.3% and Wakefield at 42.1% not far behind.
London continues to have the lowest proportion of discounted properties on the market with less than a quarter, 22.8%, of properties for sale in the capital today having seen their asking price reduced since being listed for sale.
Edinburgh at 27.7% has the second lowest proportion of price reduced properties on the market currently, followed by Wolverhampton at 29%. Poole has the biggest average discount in the UK today, currently standing at 9.9%.
‘A fall in the proportion and level of asking price discounts suggests sellers are feeling more confident and happy to wait it out to achieve their target asking price. First time buyers are finally getting a look in due to improved mortgage availability which in turn is lifting the whole market,’ said Lawrence Hall of Zoopla.
‘Banks, sellers and buyers are all more bullish about the state of the economy, which bodes well for the months ahead. And the Bank of England’s forward guidance on interest rates has generated a greater sense of certainty about the future, which should lead to even more activity,’ he added.
Article Source: http://www.propertywire.com/news/europe/uk-asking-price-discounts-201308208136.html
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