For sale signsThe share of homes on the market which have had their original asking price slashed has reached a nine-month high, amid the wet summer weather and the distraction of the Olympics, a study finds.

Nearly four in 10 (37%) of properties for sale in Britain have had their asking prices cut at least once since they were listed, with a typical reduction of 7.6%, or £19,000, zoopla.co.uk said.

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Newcastle upon Tyne has the biggest average percentage discount, at 9.6%, or £18,888. New figures from the Office for National Statistics find that the North East is the only region in England to see a year-on-year drop in house prices in June, at 1.3%.

In the Zoopla figures, Liverpool follows closely behind, at 9.1% or £13,643.
Wakefield in Yorkshire has the highest proportion of homes for sale which have been reduced in price, at 51%.

Nigel Lewis, property spokesman for Zoopla, said: "Activity levels tend to fall over the summer months as holidays delay the buying process. With the recent bad weather and the extended jubilee bank holiday, the rise in proportion of price reductions is a signal that sellers have been doing everything they can to try and tempt those buyers still in the market.

"Once the distractions of summer holidays and the Olympics are gone buyers will once again be able to focus attention on their property search, and this should bolster confidence among sellers."

Homes for sale in London, where prices have risen 6.5% over the last year, are the least likely to be reduced in price. Only 29% have had their price cut.

Houses for sale in Plymouth, Devon have had the smallest discounts, at 5.8% or £10,761.

The findings were taken from Zoopla's website this month.

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