Homeowners have been forced to cut asking prices by an average £20,000 in an effort to sell their homes, a property website said.
Sellers have typically knocked 7.5 per cent or £19,580 off the original asking price of homes currently on the market, up from £18,475 or a 7 per cent discount this time in 2011, Zoopla.co.uk has found.
The website said 36.7 per cent of properties up for sale have been reduced in price at least once since coming on the market. The biggest reductions in percentage terms are being offered in Glasgow, where the typical price reduction is 9.2 per cent or £12,566.
Meanwhile, nearly half of homes for sale in Stockport in Cheshire have lopped money off the asking price, with typical discounts of £17,384 or just over 8 per cent.
Blackpool has the lowest proportion of asking price reductions at just over 27 per cent of homes on the market, but sellers in the Lancashire town are offering some of the biggest discounts in percentage terms, shaving nearly 9 per cent or £12,316 off the asking price.
The research used information from Zoopla’s website and included only homes which are up for sale, not houses which have been sold.
Zoopla business development director Nicholas Leeming said the typical size of the discounts showed that “sellers have come to terms with the market realities”.
He said: “Whilst there is a shortage of sale stock currently, buyers are more discerning and more informed than ever before.”