The number of properties that have been discounted since being on the market, and the amount of discount offered have both dropped since last year; that’s the finding of a new report by property website Zoopla.
Last year, 37 per cent of properties had been discounted at least once, but that figure has dropped to 32 per cent this year. The average discount on the original asking price was 7.6 per cent last August, dropping to 6.3 per cent this August.
The North had the top 10 areas with most discounted properties, and it also had 9 out of the top 10 areas with the largest discounts. In Barnsley, 42.7 per cent of properties had been discounted, followed by Rotherham with 42.3 per cent, and Wakefield with 42.1 per cent.
The lowest proportion of discounted properties were in London (22.8 per cent), followed by Edinburgh (27.7 per cent) and Wolverhampton (29 per cent).
With an average discount of 9.9 per cent, Poole offered the biggest price reductions in the UK.
Zoopla’s Lawrence Hall proffered that fewer – and lower – discounts on UK properties suggested sellers were “feeling more confident and happy to wait it out to achieve their target asking price.”
Hall also pointed out that first time buyers were benefitting from better mortgage availability, boosting the whole market. Lenders, buyers and sellers are all feeling more optimistic about the coming months and years, particularly since the Bank of England provided medium-term guidance on interest rates, cultivating more certainty.
The improving market will no doubt be welcomed by those among our unoccupied property insurance customers who are waiting for prices to pick up before selling.
For your empty property insurance needs please do npot hesitate to look us up for a competitive quote.