Third of properties see price chop

A third of all properties for sale have seen their price cut as the uncertain outlook for the economy & higher supply of houses on the market hits home.

A survey carried out by the property portal Zoopla has seen a third of the properties listed on their site cut at least once since they were first marketed for sale.

The highest average price reductions were in Rotherham, Manchester and Barnsley, where average asking prices were discounted by 7.1 per cent. In real terms this is the equivalent of a £9,500 drop in asking prices in Rotherham, a £11,400 drop in Manchester and a £9,000 drop in Barnsley.

Price reduction and more realistic pricing is good news for landlords looking for a bargain. I was browsing web aggregator Property Snake the other day. It appears that there are loads of properties where sellers are starting to realise that they have to get real on price to sell.

Have a look at this bungalow where the price has been reduced 50% since first being listed.

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