HOMEOWNERS have cut nearly £20,000 from the asking price of their properties in a bid to secure a sale, it has been claimed.

Those with a property on the market in the UK have taken an average of £19,580 off the price tag amid a difficult selling climate, researchers said.

A new study found sellers in Glasgow have cut their expectations the most comparatively with a drop of 9.16% recorded, or an average of £12,566 lost from the price tag. This compares to a national average of 7.5%.

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Researchers from property website Zoopla concluded that 43% of Glasgow homes for sale have seen their price reduced at least once since going on the market, with only Scunthorpe and Rotherham ahead in the volume of properties which have taken a hit on asking price.

Overall, the study found that £2.5 billion has been sliced from the prices wanted for homes for sale in the UK today.

The research is based on changes in "list" price of all properties for sale in Scotland, regardless of whether the home is being sold on an offers over or fixed-price basis.

Geoff Lockhart, of Rettie and Co, said many vendors accepted a drop in price may be necessary to generate interest.

He said: "I think sellers are being more realistic because there is no longer an expectation that the market will do any better in the near future. The status quo is how the market will be for years to come."

Faisal Choudhry, associate director of Savills in Glasgow, said the 9.16% figure of cuts broadly chimed with its own Scotland-wide research.

He said: "Lowering your asking price is generally the last resort, but it may be necessary to boost sales."