Almost a third of houses on the market today have been reduced in price since they were first listed, with Brexit-related uncertainty being cited as a reason.
Research by online estate agency House Simple looked at prices in 100 UK towns and cities and found 31.3% of all properties have had prices reduced since their original listing.
Stockton in the North East of England saw the highest proportion of listings reduced in price, with 49.2% of all properties having their asking price cut.
The Scottish city of Aberdeen saw 45.9% of its asking prices lowered while in Halifax in West Yorkshire 44.9% of all properties had a reduction.
The firm says buyers are being more cautious, meaning sellers are being forced to reduce prices in order to secure a sale. It says wider economic uncertainty, such as the UK’s impending exit from the European Union, is behind this.
Alex Gosling, CEO of HouseSimple, says: “Price reductions can indicate that there are too many sellers and not enough buyers, but actually there has been a lack of stock coming onto the market and plenty of buyers looking.
“That would suggest that sellers are in the driving seat and wouldn’t need to drop their asking price to secure an offer. But with all the economic uncertainty, particularly around Brexit, buyers are being more cautious about purchasing, spending more time viewing multiple properties before making a decision.”
In London, 30% of properties currently listed have seen prices reduced. This compares to 27.6% in Birmingham and 19.9% in Manchester.
The latest data released by the Land Registry showed UK house prices grew by 6.7% in the year to November 2016 to reach £217,928.