HOUSE sellers in Harwich and Manningtree were reducing their asking prices by an average of just under £10,000 over the past year, figures reveal.

Homeowners in the CO11 and CO12 post codes dropped their asking prices by an average of -£9,641 – a reduction of 3.12 per cent over the past 12 months.

Those selling their house in the CO11 post code saw their prices fall by an average of -£10,782 to secure a sale, according to house buying firm Property Solvers.

Tracking 72 property transactions between August 2020 and August 2021, the monthly updated asking vs sold price difference tool shows the average differences between asking prices on Rightmove and their actual sold prices lodged at the HM Land Registry.

The data 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 were seen in the CO11 – Manningtree - postcode. Across this region, 31 sellers were knocking off an average of £-10,782.

Over the same period, the lowest hits on price were seen in CO12 – Harwich - where 41 home sellers reduced their properties by an average of £-8,499 to get the sale going.

“Despite what has been a very active market, homebuyers are still, by and large, able to negotiate down on prices,” Property Solvers co-founder, Ruban Selvanayagam, said.

“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.”