House Prices Slashed

The housing market is beginning to slow, with homeowners that are motivated to sell having to slash their asking prices by an average of £25,562.

35% of sellers in Britain have reduced the price of their property in order to sell it according to Zoopla.

The largest price reductions occurred in Stockton-on-Tees in County Durham, with an average reduction of 8% (Sophie Christie, Telegraph, December 2017).

40% of property listings in London have been reduced in price with an average fall of £53,251. Reductions of approximately £130,000 on average have been reported in Kensington & Chelsea (Sophie Christie, Telegraph, December 2017).

According to Lawrence Hall of Zoopla, this is "more good news for first-time buyers trying to get on the property ladder".

The Royal Institute of Chartered Surveyors has indicated that current market prices could be due to the lack of demand, and suggesting that it will remain the case for the next few months at least.

Camberley in Surrey is the area with the largest proportion of discounted homes with 54% being reduced from the original sale price.

Some areas however have held their prices more effectively, such as Edinburgh with only 16% of homes being discounted.

House price data has shown that growth slowed in October as London's increasingly moribund market took it's toll on the national average.

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