New research has revealed that the market price of nearly two out of every five properties for sale in the UK has gone down by over £26,000.
According to property website Zoopla, sellers have lowered the price of 37.9% of properties, up from 32.4% reported in April. It is being seen as proof that the British housing market is slowing down.
This property market outlook suggests that there are differences across regions, with London slowing down whole Manchester and Glasgow perform well.
In London, 39.5% of listed property prices have gone down, compared to 34.6% in April. In Mitcham, asking prices have been reduced by 45%, which is the highest of any borough in the capital. Kensington and Chelsea, where some of the most expensive homes are located, registered an average reduction of £127,394.
The highest proportion of reduced list prices was registered in Brighton at 46% while Glasgow and Manchester had a more positive property market outlook with decreases of 19% and 26% respectively.