The number of properties in the UK which have had their asking price reduced has fallen, according to Zoopla.

Only 31% of properties on the market currently have had their asking prices cut since first being listed, down significantly from the 40% recorded in November 2011.

Sellers who discounted their properties to attempt to achieve a sale in November 2011 were doing so then at an average of 7.4% of the original asking price, while the average reduction today stands at 6.4% of the original price.

Lawrence Hall, of Zoopla, said: “Confidence in the property market is at its highest level since the start of the economic downturn and this is reinforced with fewer sellers feeling the pressure to lower their expectations and drop prices.

“With the typical New Year rush of buyer demand likely to be made even more acute by the boost of the second phase of the government’s Help to Buy scheme, sellers expectations could rise further in the coming months. The only thing that could upset the trend is if there is a significant rise in level of stock coming to the market.”

Preston has the highest number of discounted properties currently with 43% of homes for sale having been reduced in price since coming onto the market. Yorkshire towns dominate the remainder of the top 5 places with Rotherham at 42%, Wakefield & Barnsley at 41% and Doncaster at 40%.

London has less price-reduced properties on the market at 20%, while Bedford is the second lowest at 25% with Milton Keynes in third place with 28%.

The highest average reduction in asking prices are in Liverpool, with an average current asking price reduction of 8.6% (£14,149) whilst the smallest discounts are being offered in Plymouth and Edinburgh, with sellers who have dropped prices by only 5.5% on average.