House costs cut by more than £13,000

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HOMEOWNERS in South Yorkshire have been forced to cut asking prices by more than £13,000 in an effort to sell their homes, new research has found.

More than 44 per cent of people looking to sell property in Rotherham have had to cut their prices by an average of £13,671 .

The town had the third-highest proportion of asking price reductions in the country - while Chesterfield was placed second.

More than 45 per cent of householders in Chesterfield tried to speed up the sale of their homes by slashing prices by an average of £14,028.

The study, by property website Zoopla, found the average reduction across the country was £19,580, up from £18,475 last year.

The biggest reductions in percentages are being offered in Glasgow, while the lowest were in Chelmsford, Essex, at just under six per cent.

Nicholas Leeming, the website business development director, said discounts show sellers ‘have come to terms with the market realities’.

“Pricing correctly remains key when selling a home and buyers are more discerning and more informed than ever before,” he said.

“Serious sellers must do their homework and follow the advice of their agent before settling on an asking price – otherwise they may well find their property on the market longer than they’d hoped.”