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Cities where house sellers forced to accept [pounds sterling]27,000 discounts revealed; It's getting harder to sell a home, and that means sellers are being forced to take cut-price offers to move house.

Byline: James Andrews

In some cities the average discount between what people put their home on the market for, and what they eventually take for it, is well over [pounds sterling]27,000.

That's according to new research form property website Zoopla, which looked at the gap between asking prices and sale prices.

Across the 20 cities it studied, there were only two places where people were paying above asking prices - Edinburgh and Glasgow - everywhere else homes were selling at a discount, and the discounts are growing.

Zoopla's Richard Donnell said: "Sellers are having to accept slightly higher discounts to the asking price in order to achieve a sale," he said.

"This is a natural response to weaker market conditions and buyers are starting to negotiate harder on price."

Zoopla added that the slowdown in prices was extending beyond south eastern England.

Manchester, Nottingham and Leicester all witnessed a slowdown in house price growth too.

Zoopla found the biggest discounts were in London, with homes changing hands for [pounds sterling]27,525 less than the asking price on average, or 5.7% off.

But in central areas - such as Kensington and Chelsea - the discount can be double that.

Overall, the average UK home is now selling for [pounds sterling]8,529 under its asking price, or 3.9%, with things worst in Aberdeen where the percentage discount is more than 8% seeing people get [pounds sterling]13,000 off prices.

After Aberdeen and London, the biggest discounts could be found in Newcastle, Oxford, Liverpool, Portsmouth, Bornemouth, Cambridge and Southampton.

New study pinpoints the 'frustrating' amount of time it takes to buy a house

However, two cities bucked the trend - Glasgow and Edinburgh - where properties sell at [pounds sterling]6,510 and [pounds sterling]14,351 above asking prices respectively.

And Zoopla was keen to point out that the discounts were still relatively small.

"Correctly priced homes continue to sell within a reasonable period and setting the asking price at the right level remains a key decision to agree with your agent," Donnell said.

"The slowdown in the rate of price growth is set to extend further across the south of England while we expect continued above average house price growth in regional cities where employment levels continues to grow, and affordability is attractive."

Overall, UK house prices rose by 2.2% to [pounds sterling]218,700 in the period, as growth slowed down from 3.1% in the same period last year.

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House price discounts are getting bigger

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How to move a home

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Title Annotation:Money
Publication:Daily Mirror (London, England)
Geographic Code:4EUUK
Date:May 29, 2019
Words:434
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