Over a third (34.08 per cent) of properties on the market have had their asking prices reduced according to the latest figures from property website Zoopla – an increase of 2.48 per cent since March. However, the average discount now stands at 8.08 per cent (£24,823) – slightly less than when the figures were reviewed last quarter (£24,989).
Zoopla analysed property listings live on the website last month to establish the proportion of homes with asking price reductions, revealing that Kingston-upon-Thames tops the list with nearly half (48.14 per cent) of homes in the town marked down. This is closely followed by neighbouring Surbiton (47.25 per cent) and coastal Southsea (46.33 per cent). However, Scotland appears to be more resilient with only 12.07 per cent of homes in the capital city of Edinburghcarrying a price reduction. Manchester’s Salford and Scotland’s Glasgow closely follow with 17.55 per cent and 20 per cent respectively.
Looking at the price cuts available, the north of the country boasts some of the largest discounts with eight northern towns featuring in the top 10. The market town of Stockton-on-Tees has witnessed the largest asking price reductions, with properties marked down by 7.87 per cent (£13,108). Bishop Auckland and Accrington place in second and third with reductions of 7.80 percent (£11,224) and 7.77 per cent (£9,736). At the other end of the scale, asking prices in Fareham, Weston-super-Mare and Wellingborough have seen the smallest price decreases, with discounts of 4.38 per cent (£16,228), 4.43 per cent (£9,885), and 4.46 per cent (£13,358) respectively.
Over a third (36.67 per cent) of London property listings have seen a price reduction – up from 32.34 per cent in March – with an average discount of 7.24 per cent (£52,457). Leafy Richmond-upon-Thames is home to the greatest proportion of discounted properties (45.13 per cent), whilst in the east of the capital, Newham has the smallest share (28.03 per cent). Kensington and Chelsea remains the most discounted London borough in value terms (7.77 per cent – up from 7.65 per cent in March this year), while properties in Bexley have been discounted the least (4.98 per cent).
Lawrence Hall, spokesperson for Zoopla comments: “There has been an increase in the number of reduced properties on the market since earlier this year, which is good news for first time buyers trying to get onto the property ladder. Those looking to scout out a bargain should consider looking in County Durham, home to Stockton-on-Tees and Bishop Auckland, some of the biggest discounters.”
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 (%)|
|6||Isle of Man||7.62%||£34,499||29.34%|
Top 10 London Boroughs with Highest Proportion of Asking Price Reductions
|Rank||Borough||Reduced properties on the market (%)||Average price reduction (%)||Average price reduction (£)|
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||7.77%||£123,163||34.16%|
|2||Hammersmith and Fulham||7.26%||£74,521||36.89%|
|4||City of London||6.80%||£68,366||30.81%|
|6||Richmond upon Thames||6.62%||£55,658||45.13%|
- Source: Zoopla, 31st July 2017