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 (£)|
Top 10 Areas with Largest Asking Price Reductions
|Rank||Town||Average price reduction (%)||Average price reduction (£)||Reduced properties on the market (%)|
Top 10 London Boroughs with Highest Proportion of Asking Price Reductions
|Rank||Borough||Reduced properties on the market (%)||Average price reduction (%)||Average price reduction (£)|
|2||Richmond upon Thames||36.6%||6.24%||£55,727|
|6||Kingston upon Thames||35.31%||5.7%||£51,891|
|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%|
|3||Hammersmith and Fulham||6.86%||£71,795||35%|
|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