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It has been reported that the property market has shown signs of uncertainty resulting in a slowdown in prices.
According to figures from online estate agent HouseSimple.come, one in three properties have been reduced in price since going on the market in the United Kingdom.
The report states that 31.3% of houses currently on the market have had a price reduction in order to secure an offer. HouseSimple looked at current listings online in 100 major towns and cities across the UK and found that of eight of the towns looked at, over 40% had reduced the initial asking price due to a lack of interest or reasonable offers.
This figure rose to nearly 50% in Stockton on Tees in County Durham, whilst in Aberdeen, 46% of properties on the market saw a price cut from the initial asking price.
In contrast, Salford saw just over 12% of property asking prices being reduced demonstrating a marked difference between the North and South of the UK where 17% of the top 20 locations saw prices reduced.
When looking at the three largest cities in the UK, London had the highest rate of properties being marketed that have had a price reduction of 30%.
The reasons could be varied, but one explanation could be the Brexit vote, which has resulted in buyers becoming more cautious about purchasing property and spending longer looking at properties before committing to a purchase.
Your home may be repossessed if you do not keep up repayments on your mortgage.
If you are a first-time buyer and would like advice on the amount you can borrow, or the type of mortgage that best suits your circumstances contact Derngate Wealth today.
One in three properties have been reduced in price since going on the market