Nearly a third of properties (31.3%) currently up for sale in the UK’s major towns and cities have had a price cut since they were first put on the market, according to HouseSimple.com.

And three in 10 properties in London have been reduced in price, said the online estate agent.

Widespread cuts

In eight towns, more than 40% of properties currently for sale have had the initial asking price cut.

In Stockton on Tees in County Durham, almost half the properties (49.2%) being marketed have been dropped in price to secure a sale. While in Aberdeen, almost 46% have had a price reduction.

At the other end of the scale only 12.3% of properties in Salford have been reduced in price.

Regional split

The analysis also highlighted a stark North South divide, with 17 out of the top 20 locations in terms of price reductions in the North of England or Scotland.

More than half (11) of this top 20 list are either in the North West or North East of England.

Only one city in the south of England features in the top 20 list – Oxford – with 36.8% of properties having been cut in price since they were first listed.

Alex Gosling, CEO of HouseSimple.com said: “We saw a large disparity in our research across major UK towns and cities when it came to the percentage of properties reduced in price since they were first marketed.

“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.”