Average discount on property asking prices is now £24,989, says Zoopla

The average reduction in property asking prices stands at £24,989, according to the latest figures from property website Zoopla. Currently, just under a third (31.6 per cent) of properties on the market have been marked down in price (down from 33.43 per cent in December last year), with an average reduction of 8.27 per cent (£24,989) – up 0.66 per cent since the end of 2016.

Darlington tops the list for the highest proportion of reduced-price properties with almost half (45.65 per cent) of homes in County Durham town marked down. This is followed by neighbouring South Shields and North Yorkshire’s Middlesbrough, with 43.9 and 42.52 per cent respectively. Seven out of the top 10 towns with the largest share of reduced price properties are in the North of England, with the exceptions of Eastbourne (East Sussex), Blackwood (South Wales) and Woking (Surrey), which currently also feature in sixth, ninth and tenth place.

The North of England is also home to the biggest discounts, with all the top 10 towns with the largest asking price reductions located in the region. The market town of Stockton-on-Tees has the highest asking price reductions, with discounted properties marked down by 8.04 per cent (£11,532). Hartlepool and South Shields follow in second and third place, with reductions of 7.8 and 7.71 per cent (£13,654 and £9,323).

In London, 32.34 per cent of properties for sale have had their asking price reduced – down slightly from 33.29 per cent last December, with an average discount of 7.52 per cent (£57,323), which marks a slight decline from 7.61 per cent at the end of last year. The borough of Merton has the greatest proportion of reduced price listings (39.09 per cent) and the biggest price decreases can be found in the London boroughs of Kensington and Chelsea (7.65 per cent or £135,702) and Westminster (7.2 per cent or £124,144).

At the other end of the table, asking prices in Enfield, Swindon and Milton Keynes have been reduced the least, with discounts of 4.31 per cent (£28,271), 4.38 per cent (£12,101) and 4.39 per cent (£16,303) respectively. The most resilient London borough with the lowest proportion of reduced price properties is Newham, with only 23.19 per cent of listings for sale at a discounted rate. This is closely followed by Tower Hamlets (26.23 per cent) and the City of London (26.42 per cent).

Lawrence Hall, spokesperson for Zoopla comments: “Whilst the number of properties on the market with a price reduction has remained flat since December, those that have been discounted have seen a bigger reduction since the end of last year. This is still good news for those looking to get onto the property ladder. With some thorough research first time buyers could be in with a better chance of spotting a bargain by filtering their property searches by ‘Most Reduced’ and set up email alerts to help them be the first to know about homes that have been discounted.”

Top 10 Areas with Highest Proportion of Asking Price Reductions

Rank Town Reduced properties on the market (%) Average price reduction (%) Average price reduction (£)
1 Darlington 45.65% 6.9% £10,599
2 South Shields 43.9% 7.71% £9,323
3 Middlesbrough 42.52% 7.38% £9,800
4 Keighley 40.35% 6.33% £11,447
5 Eastbourne 40.33% 5.75% £15,848
6 Stockton-on-Tees 39.47% 8.04% £11,532
7 Barnsley 39.45% 6.62% £10,885
8 Blackwood 39.07% 6.76% £12,704
9 Woking 38.99% 5.79% £37,750
10 Great Yarmouth 38.77% 6.3% £13,435

Top 10 Areas with Largest Asking Price Reductions

Rank Town Average price reduction (%) Average price reduction (£) Reduced properties on the market (%)
1 Stockton-on-Tees 8.04% £11,532 39.47%
2 Hartlepool 7.8% £13,654 31.87%
3 South Shields 7.71% £9,323 43.9%
4 Bishop Auckland 7.58% £13,824 34.78%
5 Middlesbrough 7.38% £9,800 42.52%
6 Bradford 7.27% £11,176 34.68%
7 Halifax 7.25% £12,365 35.08%
8 Blackburn 7.17% £9,979 30.41%
9 Hull 7.17% £9,564 28.89%
10 Pontefract 7.1% £14,034 35.76%

Top 10 London Boroughs with Highest Proportion of Asking Price Reductions

Rank Borough Reduced properties on the market (%) Average price reduction (%) Average price reduction (£)
1 Merton 39.09% 6.05% £45,332
2 Richmond upon Thames 36.6% 6.24% £55,727
3 Hillingdon 35.79% 5.04% £33,188
4 Hounslow 35.6% 6.37% £56,667
5 Haringey 35.39% 5.73% £43,157
6 Kingston upon Thames 35.31% 5.7% £51,891
7 Bromley 35.31% 5.52% £36,349
8 Harrow 35.28% 5.16% £30,717
9 Ealing 35.22% 5.84% £45,521
10 Hammersmith and Fulham 35% 6.86% £71,795

Top 10 London Boroughs with Largest Asking Price Reductions

Rank Borough Average price reduction (%) Average price reduction (£) Reduced properties on the market (%)
1 Kensington and Chelsea 7.65% £135,702 34.17%
2 Westminster 7.2% £124,144 32.01%
3 Hammersmith and Fulham 6.86% £71,795 35%
4 Lambeth 6.58% £58,627 29.76%
5 Wandsworth 6.41% £75,762 32.81%
6 Camden 6.41% £81,113 30.97%
7 Southwark 6.39% £53,588 29.49%
8 Hounslow 6.37% £56,667 35.6%
9 City of London 6.29% £58,932 26.42%
10 Richmond upon Thames 6.24% £55,727 36.6%
      Source: Zoopla, 30th March 2017

 

 

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