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Drastic cuts for house sellers
Property sellers are being forced to accepting large cuts in the asking price of their properties in order to complete sales as -economic conditions continue to worsen, according to the RICS.
Domestic properties are selling at 9 per cent below their asking price across the UK, with sellers in some regions being forced to knock off as much as 12.5 per cent from the advertised price in order to sell.
London area prices have so far taken less of a cut than in many other areas, although homes are still being sold at 8.5 per cent below asking price.
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