13 Mar

Sellers remain firm on property prices

Sellers remain firm on property prices

Many sellers are not opting to reduce asking prices, according to a new report.

Property website Zoopla revealed that only 27 per cent of UK properties for sale had reduced their asking price since going on the market. This is the lowest proportion for four years.

In 2011, 40 per cent of properties were discounted in order to achieve sales and the latest figures reflect a growing confidence in the real estate market.

Lawrence Hall of Zoopla explained the government's Help to Buy scheme and the growth in mortgage availability has also helped to boost competition among buyers and drive up sellers' expectations.

He added: "Buyers need to see more stock come onto the market over the coming months otherwise the recent trend of rising prices is likely to continue as spring takes hold and more buyers decide to search for property and create further competition."

According to the Bank of England, mortgage approvals are at their highest level since 2007.ADNFCR-1222-ID-801703269-ADNFCR

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