There's good news. A massive sale is on, with discounts at their highest level for two years. Everything must go, with as much as 54% knocked off some original prices.
The bad news is that this is the property market we're talking about, and anyone who wants to sell their home is going to have to match these incredible offers.
Slashed pricesAccording to property website Zoopla.co.uk, over 40% of all UK properties currently on the market have had their price slashed at least once. The average discount off the original asking price has reached more than £19,500, or 7.4%, which is the biggest cut for the last two years. In all it means UK homeowners have had to slice £5 billion off the asking prices of their properties.
Biggest fallsThe biggest discounts are in Glasgow, where the average reduction currently stands at 9.1% (£12,881). Newcastle and Bolton follow closely with asking prices currently discounted by an average of 8.9% and 8.8% respectively. All but one of the top ten areas with the highest price reductions are in the North.
While the London property market continues on its own strange and unlikely path, nearly a third (32.6%) of properties for sale in the capital have had to be reduced in price - so it's not immune to the downturn.
For some this will great news as properties finally fall within their reach. For others this means their home is going to have to fall even further in value and deeper into negative equity if they are to ever stand a chance of getting out.
Biggest Asking Price ReductionsGlasgow 9.05%
Smallest Asking Price ReductionsCroydon 5.76%