Sellers Reduce Asking Prices

Majority of the property sellers in UK have reduced the asking prices of their properties, according to a recent report published by the property website zoopla.co.uk.

About 36.4% of the venders had reduced the asking price at least once since August, the report said.

Homeowners in northern cities reduced their prices in high proportions; it was an average of 7.15% in Manchester while in Newcastle it went down by 7.13%.

The main reason for the reduction in prices was due to a shortage of prospective buyers, many of them were uncertain about the economic outlook in general.

Mr. Nicholas Leeming, commercial director, Zoopla said that for the past few months, asking prices had been somewhat out of kilter with what buyers were prepared or could afford to pay.

The home sellers in southern cities have made smaller reductions, in London the asking price was reduced by 5.2% and in Poole by 5.1%.

According to the property information company, Hometrack, faltering demand and rising supply reduced the average value of a house down by 0.9% in October. The house price index of the Nationwide also showed a 0.7% fall during the same period.

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