MORE homeowners in Southend cut their property prices than anywhere else across the country last week, new figures have revealed.

Figures for the past week show 2.9 per cent of people in Southend who are trying to sell up have cut their asking price.

According to property website Globrix, around 3,293 unsold properties in the UK have had their asking price reduced in the seven days since November 27, with sellers reducing them by around 7 per cent, equivalent to £22,061 on average.

Richard Hair, boss of Leigh-based Hair and Son Estate Agents, said the fact more people in Sou-thend were cutting prices showed there was a better understanding of the market.

Mr Hair, the former president of the National Association of Estate Agents, said: “In Sou-thend we are experiencing a significant fall in prices.

“Therefore the vast majority who are looking to sell are reducing their asking prices significantly. By that I mean 20 per cent below the peak price.

“One of the results of this is there will be more houses selling.

“People in Southend accept this and that is why more are dropping their prices.”

National figures showed the more realistic pricing had boosted sales.

In October 30 per cent of all homes had been on the market for at least six months, but this figure dropped to 23 per cent by the end of November.

David Smith, senior partner at Dreweatt Neate estate agents which operate in the Home Counties and the South West, said: “In recent weeks, sellers have become a lot more aware of the position they are in. Not only are people putting their properties on to the market at a more realistic price, but unsuccessful sellers are cutting their original asking prices to get buyers interested.

“There’s only one way to sell your home in this market, and that is to ask a price that is realistic.”

Mr Smith said the 1 per cent interest rate cut would only boost the market if lenders passed on the reduction to mortgage rates for new borrowers.