This is how many homes on the market in Sheffield have had their asking prices reduced – offering a saving for 'savvy' buyers

Househunters in Sheffield can expect to make savings on three fronts if they buy soon, figures have indicated.

Friday, 19th March 2021, 7:00 am

On top of the extended stamp duty holiday and new guarantee scheme offering government-backed 95 per cent mortgages, a study has found that nearly 20 per cent of properties on the market in the city have had their asking prices reduced, offering a further bargain.

Yes Homebuyers – a firm that purchases properties directly from sellers without them going on the regular market – also discovered that, across the UK as a whole, 29.2 per cent of all homes listed for sale had dropped in price.

Other places came ahead of Sheffield’s 18 per cent rate of reductions, which was calculated using data from the Zoopla website where just over 1,000 city properties are currently listed for sale locally.

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Reduced asking prices add to the savings offered by the stamp duty holiday and the new mortgage guarantee scheme. Picture: Getty Images.

Aberdeen topped the list, with nearly half the home sellers in the area reducing their price expectations while on the market.

The next best location was Portsmouth, where 38.9 per cent of all stock available had been subject to a price cut. Southampton, at 38.1 per cent, and Oxford, at 38.0 per cent, followed closely behind.

Meanwhile in London, 34.1 per cent of all properties listed in the capital had seen a reduction in price during their time listed on the market.

Cities in Scotland and Northern Ireland had the fewest homes reduced in price with Glasgow having the lowest number, as just 9.2 per cent of homes for sale there had been discounted.

Houses in Sheffield. Picture: Andrew Roe.

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Yes Homebuyers believes price reductions are more common in areas with higher property prices – implying they are listed at an above-average cost to start with.

Matthew Cooper, the firm’s founder and managing director, said: “Our research suggests that a reduced asking price isn’t the warning flag many buyers might assume it to be and, in fact, it’s pretty rife across the market.

“While it’s true that those struggling to sell will reduce their price expectations, there are other factors that make it a more common practice.

“First and foremost, estate agents will often, if not always, overvalue a home to win business in an attempt to entice a seller away from the grasp of another agent. Once they’ve then been tied into a sole agency agreement and with little to no interest in the first few weeks, the agent will then suggest lowering the price in order to sell.

“The seller themselves can also influence a reduction in asking price, starting high to chance their arm while also leaving themselves some wiggle room during the negotiation process. However, if this doesn’t have the desired results, they will then start to creep down through the price brackets until they find the sweet spot.

“So for savvy homebuyers hitting the market in the coming months, there’s certainly money to be saved during the purchasing process. That is, of course, if you want to brave the huge market delays that have built up due to heightened demand in the last six months or so.”

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In these confusing and worrying times, local journalism is more vital than ever. Thanks to everyone who helps us ask the questions that matter by taking out a digital subscription or buying a paper. We stand together. Nancy Fielder, editor.