Only 32% of Sellers Drop Price of House

In order to draw a buyer to buy their property some house sellers cut down their original asking price as revealed in this article by Jack Hatton of Express on August 21, 2013.

The number of house sellers slashing their original asking price to attract a buyer is at a record low as confidence flows back into the market.

Under a third (32 per cent) of current sellers had reduced their asking price, according to property website Zoopla.

It was the lowest figure for the summer quarter since the website’s records began in 2010.

This time last year 37 per cent had been forced into a price cut in a bid to find a buyer.

Zoopla spokesman Lawrence Hall said: “It suggests sellers are feeling more confident and happy to wait it out to achieve their target asking price.”

But seller confidence remains patchy, indicating a regional divide.

Two in five current sellers in the Yorkshire towns of Barnsley, Rotherham and Wakefield have cut their asking prices, compared with one in four in London or Edinburgh.

On average sellers reduced by 6.3 per cent compared with 7.6 per cent a year ago.

However, the figure was currently almost 10 per cent in Poole, Dorset.

The summer holiday season usually sees a surge in price cuts as the market traditionally gets quieter.

But demand from buyers has been gathering pace in recent months after Government initiatives such as the mortgage scheme Funding For Lending.

The Council of Mortgage Lenders reported that last month business was at its strongest since 2008.

Article Source:  http://www.express.co.uk/news/property/423626/Only-32-of-sellers-drop-price-of-house