OLDHAM homeowners have reduced their asking prices by an average of £4,982 (-2.56 per cent) over the last 12 months, according to latest data.

Figures by the house firm Property Solvers Home have also revealed that sellers in the OL1 postcode dropped their prices by an average of £7,395 (4.10 per cent) to secure a sale.

Tracking 802 property transactions between July 2020 and July 2021, the asking versus sold price difference tool by the firm shows the average differences between asking prices on Rightmove and their actual sold prices lodged at the HM Land Registry.

The data effectively monitors the entire house sale process from initial listing, viewings, negotiation, offers, agreement through to the survey process, conveyancing, exchange and finally completion.

The biggest price discounts in Oldham were seen in the OL1 (Oldham) postcode.

Across this region, 22 sellers were knocking off an average of £7,395 (or 4.10 per cent) from the initial asking price in the 12 months to July 2021.

Over the same period, the lowest hits on price were seen in OL14 (Todmorden), where 16 home sellers reduced their properties by an average of £2,840 (or 1.50 per cent) to get the sale going.

A spokesperson from Property Solvers said: “Despite what has been a very active market, homebuyers are still, by and large, able to negotiate down on prices. There is also wider evidence of surveyors down valuing properties that are misaligned with the realities. This means that properties end up selling for lower than the original estate agent price estimation.”