50pc more vendors drop asking prices in July reveals portal

22,518 vendors dropped their asking prices in July, 50pc more than the same time last year, according to idealista.com, a property portal (illustrated in graph above).

On the other hand, the figure represents an improvement on June, when 35,000 vendors decided to bite the bullet and drop their asking prices.

In the year to the end of July, asking prices have been adjusted down on a total of 191,766 properties, 71pc more than during the same period last year.

The average reduction in asking prices was 24,457 Euros, or 8.6pc, reducing the sum total of asking prices in the idealista database by more than half a billion Euros (next graph).

The following table shows average asking price reductions broken down by region. The first column shows the average price reduction, and the second the percentage of properties reduced in price.

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