WHEN you see a price label with “25 per cent off” when you’re out Christmas shopping, it may persuade you to splash out.

But how about a quarter off the price of a six-bedroom coach house in Rushton Spencer, which was £4million in April and is now a snip at only £3m?

The coach house is a top end example of a handful of properties in Macclesfield – from Sutton to Silk Town centre – that local estate agents believe have been overvalued and later reduced in price.

Described as “a captivating home in a wonderful setting”, the coach house is a grade II listed property, originally the coach house and stables to Swythamley Hall.

Boasting six bedrooms, five receptions, six bathrooms, garage, tennis court, parking and use of 130 acres, the home was put on the market at £4m and in seven months has been cut to a mere £3m.

In other areas at Macclesfield, there have been similar cuts:

n In Sutton, a four-bedroom Hollin Lane property reduced from £1,150,000 to £995,000 since it went on the market in July – a discount of £155,000, or 13pc.

n In Macclesfield, a four-bed bungalow on Bollinbarn Drive, off Prestbury Road, has seen a 17pc reduction in its original price from £365,000 to £295,950 since May, a saving of nearly £70,000.

n A two-bed house, formerly a shop, on Mill Lane, Macclesfield, has seen a price cut of 10pc since it went on the market in July, down £10,000 from £99,950 to £89,950.

Edward Naden, owner of Holmes Naden estate agents in Prestbury, said that with media coverage of market changes, increased interest rates, and a delay on Home Information Packs (HIPS), the market has not caught up with sellers’ over optimistic prices.

Mr Naden added: “We have seen a much more ‘belt and braces’ approach to buying.

“Buyers are not paying over the odds for anything and, as a result, properties have to be competitively priced and sellers have to leave room within the asking place for negotiation. Anything that is overpriced is simply not selling.

“However, it is still a buyers and sellers market if both parties are willing to play ball.”

Andrew Nowell, owner of Andrew J Nowell estate agents in Alderley Edge, said: “The coach house is a classic example of overpricing.

“In any market, there are always examples of reductions in price, and agents are sometimes optimistic in their prices.

“But there’s an underlying demand and if people see good value, they all come out of the woodwork.”

They agreed the housing market in Macclesfield as a whole had levelled off and said they expected it to pick up in the New Year.