Only a third of UK properties experience price drop

Only a third of UK properties experience price drop

Only a third of all sellers have had to drop the price that they are selling their home for in the current market, according to the latest report released into the performance of the market.

Despite the fact that this is higher than it has been in the past couple of years, the only marginal increase towards the end of the year in the number of homes being discounted has shown that the market continues to perform strongly. 

A discounted price can also mean that more people are so confident of the market at the moment that they want the chance to sell quickly so they can move on and buy their own property elsewhere, indicative of a buyer's market. 

According to Zoopla, some 30 per cent of properties across the nation are now being dropped in price in order to secure a buyer much quicker than it could take. However, this is the highest the figure has been at any time since August of 2012. It is also slightly higher than it was in February of this year, when it sat at just 27 per cent. 

"The property market typically slows in December as buyers postpone their plans until the New Year and become pre-occupied with the festive season, but these figures suggest that sellers may be being forced to rest their expectations and become more realistic in order to secure a buyer. People are well attuned to a bargain at this time of year, so homebuyers may want to capitalise on the latest raft of reductions," said Lawrence Hall of Zoopla. 

He also went on to say that in the new year, it should pick up again for sellers, meaning that people wouldn't need to drop their prices again as they are now. The stamp duty changes have injected a new confidence and feel-good factor into the property sector, which will manifest itself properly in 2015. 

"There would usually be an air of uncertainty in the lead up to an election, but the positivity created by the tax overhaul should ensure this isn’t as keenly felt as usual," Mr Hall added.