Sellers in Bradford have been reducing their property asking prices to complete transactions, according to research from Property Solvers.
Over the 12-month period examined, properties in the city saw average asking-price reductions of £8,469, representing a 4.03 per cent decrease.
The BD24 area, which includes Settle, recorded the largest adjustments, with 40 vendors decreasing their prices by an average of £13,574, equivalent to a 3.71 per cent reduction.
Property Solvers co-director Ruban Selvanayagam noted that despite difficult market conditions, competitively priced homes continued to find buyers across the United Kingdom.
Selvanayagam observed that purchasers had become considerably more selective and focused on value compared to previous years.
Additional Bradford postcodes experienced notable decreases, with BD9 seeing average reductions of £11,521 and BD5 recording cuts of £11,142.
Properties in the BD17 region, covering Shipley, attracted average price adjustments of £9,966.
The BD23 postcode, representing Skipton, saw average decreases of £9,298.
In contrast, the BD1 area showed the most modest adjustments, with three homes selling following average price cuts of £2,750, representing a 5.5 per cent reduction.
Selvanayagam stated that the disparity between asking and final selling prices frequently indicated vendors testing market conditions rather than reflecting where buyers were willing to proceed with purchases.
According to Selvanayagam, examining actual completed transaction values alongside current asking prices offered a considerably more accurate representation of local market conditions.