Yahoo Finance Houses being sold at a £14,000 discount, Zoopla finds
Homeowners selling up are being forced to accept reductions of 4% which equates to an average of £14,000, according to Zoopla.
The website tracks the asking price and selling price for houses. It said the £14,000 discount is the median average, excluding homes that were sold with no price reduction.
Buyer interest is 43% below where it was a year ago, according to Zoopla, as higher interest rates chill the market.
The decline in interest has left more stock on the market, with estate agents listing 25 properties on average, compared to 14 a year ago.
Properties are taking around 15 days longer on average to sell than a year ago. While the average time to sell ranges from 28 days in Scotland to 44 days in London, Zoopla said.
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Zoopla executive director, Richard Donnell, said the housing market continues to experience a soft repricing but that market conditions are better than many expected.
“The housing market is arguably more balanced than it has been for more than three years. Levels of supply have recovered and buyers and sellers are not miles apart on where they see pricing and this means deals are being agreed at an increasing rate.
"Prices are drifting lower compared to a year ago but fears of a major downturn in prices are overdone. Falling mortgage rates and a strong labour market are supporting activity levels from committed movers who need to be realistic on price if they are serious about moving home in 2023. We expect to see levels of activity continue to steadily improve over Easter and into the summer and H2.”
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Zoopla has recorded a 5% increase in the share of sales at the lower end of the market and a 4% fall at the top end.
Sarah Coles, head of personal finance at Hargreaves Lansdown, said: “Zoopla has spotted green shoots in the property market, but at this stage we can’t rule out a lethal frost. There are no guarantees that the spring is set for the kind of flourishing market the estate agents are hoping for."
Kevin Shaw, national sales managing director at Leaders Romans Group (LRG), commented: “Importantly, we’re seeing few undecided sellers and buyers: those that are in the market today are serious movers.”
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