Property Asking prices cut £25,000

Share this article

29% of properties reduced asking price since listed

Property website Zoopla has found 29% of properties listed have reduced their prices with property asking prices on average reduced £25,000 since the beginning of the year.

The North of England is home to eight of the ten areas with the highest proportion of houses selling for lower than before.

Almost half of all properties listed in St Helens (43.7 per cent), Hartlepool (42.5 per cent) and Middlesbrough (40 per cent) having been marked down. Also in the top 10 are Haverfordwest in Wales, and Great Yarmouth in East Anglia.

The dip has been partly blamed on the rush of buy to let landlords and second home buyers trying to snap up property before the recent stamp duty hike on April 1.

House sales jumped from 116,930 in February to 165,480 in March – the highest since Halifax began compiling the data in April 2005.

Martin Ellis, housing economist at Halifax said the shortage of property and high demand – coupled with low interest rates, rising employment and wages – should continue to push house prices up over the coming months.
But he warned: ‘Weakening sentiment regarding house price prospects and a dip in consumer confidence however suggest that annual house price growth may ease.’

Experts said that some sellers had put inflated price tags on their homes, in the hope that they would be snapped up by a buy-to-let landlord eager to beat the April 1 stamp duty deadline.

Share this article

Written by: Houseladder