Is Grimsby one of the cheapest places to buy a property?

By Grimsby Telegraph | Posted: 22 Feb 2017

Grimsby has appeared on the list of town and cities which have seen a high percentage of properties slashed in price.

Yorkshire and the Humber currently have around 314 properties for sale however 39.20 per cent of them have had their prices reduced.

Out of the 314 properties, 123 of them have slashed their asking price which has left Grimsby in ninth place on the list.

More than 30 per cent of homes on the market for sale in Britain's 100 major towns and cities have seen their prices reduced.

The place with the largest percentage of homes reduced in price is Stockton-on-Tees in County Durham. In eight out of the 100 towns, more than 40 per cent of homes for sale had seen a price reduction.

17 out of the top 20 places that have seen a reduction in prices are in the North of England and Scotland.

Among the three largest cities in Britain, three out of every 10 properties have been reduced in London. 27.6 per cent in Birmingham and 19.9 per cent in Manchester.

HouseSimple has said the figures suggested that estate agents in the capital are finding it harder to secure a sale and are having to reduce prices to attract buyers.

Alex Gosling, chief executive of HouseSimple.com, told the Daily Mail: "Price reductions can indicate that there are too many sellers and not enough buyers, but actually there has been a lack of stock coming onto the market and plenty of buyers looking.

"That would suggest that sellers are in the driving seat and wouldn't need to drop their asking price to secure an offer. But with all the economic uncertainty, particularly around Brexit, buyers are being more cautious about purchasing, spending more time viewing multiple properties before making a decision.

"If sellers are committed to selling, then cutting the price is likely to attract more buyers, and particularly those buyers who have expressed an interest but are sitting on the fence.

"For anyone selling a property, there needs to be a lowest price you're willing to take so that you are prepared to negotiate if a strong buyer – someone with finance in place who can move quickly to exchange – makes an offer.

"Sometimes holding out for an offer that might be a few thousand pounds more, could result in your property sitting on the market for months."



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