One third of properties currently for sale have been reduced in price since first coming onto the market – down from 37% in February, according to Zoopla data.
The drop in proportion and size of asking price discounts has emerged despite the reintroduction of Stamp Duty for first time buyers and the introduction of the 7% stamp duty tax on properties sold at over £2m.
Nicholas Leeming, of Zoopla.co.uk said: “The changes to the Stamp Duty rules significantly increased the cost of buying for many and there were concerns this would quash demand and force sellers to make bigger cuts in their asking prices. However, it appears demand has remained strong enough for average discounts to actually fall.”
The total amount knocked off the original asking prices of all properties currently for sale across the country stands at £2.9bn, with £1.3bn in reductions in London alone.
Newcastle tops the list of places where the biggest discounts are currently being offered by sellers with average reductions of 11.1% at £22,151. Sellers in Liverpool have also made large concessions, knocking 9.2% at £14,031 off their original asking prices on average.
Rotherham has the highest proportion of discounted properties for sale with 43.9% of sellers having cut their asking prices at least once. Other areas with a high proportion of asking price reductions include Swansea at 42.5% and Barnsley at 41.6%.
Nicholas Leeming added: “While sellers in some areas have had to make significant price concessions in order to attract buyers, it’s encouraging to see the overall trend of fewer price reductions and a drop in the size of these reductions.”