Landlords with funds to expand their portfolios may be in luck – a growing proportion of properties on sale have reduced asking prices. 

New research shows the South East has the highest proportion of asking price reduced properties, accounting for 21 per cent of current market listings with a price reduction; London also ranks high at 15 per cent followed by the North West (12 per cent), East of England (11 per cent) and South West (10 per cent).

Where price reductions have been implemented they have been large – the East Midlands, Scotland, West Midlands and Wales each have average price reductions in excess of 20 per cent.

The research behind the figures was commissioned by House Buyer Bureau; its managing director, Chris Hodgkinson, says: “The market has certainly slowed in recent months and as a result, we’re simply not seeing the same frantic activity from buyers offering way above the odds just to secure their chosen property. 

“However, what’s clear from these latest figures is that many sellers haven’t yet accepted this fact and are continuing to enter the market at a very high price point, far above the average sold price benchmark. 

“It’s this unrealistic expectation that is forcing them to drop their asking price in order to drum up interest. With many industry sources now showing that sold prices are also starting to slide, sellers are also choosing to slash their asking price to entice buyers at a faster rate to secure the best price they can. 

“For buyers, this means there are plenty of potential bargains on offer and this should continue to be the case for the remainder of the year. That said, what we’re seeing currently is very much a house price correction, not a collapse, so trying to strong arm too much of a discount when negotiating will likely see you lose out to another buyer.”