Are you ready to bag a bargain? Zoopla finds property prices have been heavily discounted – by up to £135,000.

What’s the latest?

There’s good news for first-time buyers hoping to save money following revelations that nearly one-third of properties listed for sale on Zoopla have seen hefty discounts.

What’s more, our analysis shows that the average reduction in asking prices stands at almost £25,000.

The market town of Darlington tops the list for the highest proportion of discounted homes, with almost half (45.65%) listed for sale in the County Durham town, marked down in price.

In London, Zoopla’s figures show that the borough of Kensington & Chelsea has seen an average price reduction of £135,702, while in Westminster, house prices have been discounted by an average £124,144.

Why is this happening?

Zoopla used its wealth of data to track price reductions made since 30 March this year, at locations where there are 300 or more properties listed for sale on our website.

Just under one-third (31.6%) of properties have been marked down in price since then, with an average reduction of 8.27% (£24,989), up 0.66% since the end of last year.

Similar analysis undertaken a year ago by Zoopla revealed 29% of properties had their asking price discounted – with the average reduction standing at over £25,000.

Who does it affect?

In London, 32.34% of properties for sale have recently dropped their asking price. That means buyers are left with more money in their pockets, as prices have been shaved by an average £57,323 (7.52%).

However, it is the north of England which is home to the biggest reductions, with Zoopla establishing that all of the top 10 towns reporting the largest asking price drops are located in the region.

For example, an 8.04% discount in the market town of Stockton-on-Tees has resulted in an average house price reduction of £11,532.

At the other end of the spectrum, asking prices in Enfield, Swindon and Milton Keynes have been slashed the least, with discounts of £28,271, £12,101 and £16,303 respectively.

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Sounds interesting. What’s the background?

Zoopla’s spokesperson Lawrence Hall comments: “While 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. So there's still good news for those looking to get onto the property ladder.”

Buyers can spot a bargain by filtering their property searches. Simply look under ‘property for sale’ and, next to the ‘sort by’ category, click on the ‘most reduced’ button.

You can also set up email alerts to be among the first to know about homes which have been discounted.

Top 3 takeaways

  •    31.6% of homes currently on the market have been discounted
  •    The average reduction in property prices is £24,989
  •    Spot a bargain on Zoopla by filtering your search to 'most reduced'

You might also be interested in…

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%

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 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 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

Source: Zoopla, 30 March 2017

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