Asking price of average UK home reduced by £25k

Asking price of average UK home reduced by £25k

By Property News Team

Share this article

Isle of Man, Bradford and Doncaster see biggest price cuts, but are sellers being over-ambitious?

The average UK property on the market has been marked down £24,947 from its original asking price, according to our latest Zoopla data.

Almost one-third of homes have been reduced with the most significant discounts found on the Isle of Man, and in Bradford and Doncaster in Yorkshire. The London borough of Twickenham has the largest share of reduced price properties at 41.82%.

Property listings are analysed live on the Zoopla website to establish the average reduction in asking price. Properties for sale in Enfield, Horsham and Aylesbury have been the most resistant with asking price reductions of less than 5%.

View our tables, below, to find out if your area is among those with the biggest asking price reductions. 

This five-bed bungalow on the Isle of Man, on the market for £844k, has been reduced by 42% from its initial asking price of £1.6m in 2015.

RankTownAverage price reduction (£)Reduced properties on the market (%)Average price reduction (%)
1Isle of Man£41,21229.91%8.36%
2Bradford£11,76832.14%8.01%
3Doncaster£12,89430.15%7.19%
4Blackburn£10,05936.65%7.06%
5Hull£9,93228.10%6.95%
6Mitcham£41,79741.57%6.77%
7Liverpool£12,11226.41%6.76%
8Newcastle upon Tyne£12,16635.01%6.68%
9London£62,58134.61%6.66%
10Swansea£15,60731.85%6.59%

RankTownAverage price reduction (%)Average price reduction (£)Reduced properties on the market (%)
1Twickenham6.16%£41,83241.82%
2Mitcham6.77%£41,79741.57%
3South Croydon5.91%£23,96537.12%
4Croydon5.88%£23,50337.09%
5Reading5.47%£22,91237.03%
6Blackburn7.06%£10,05936.65%
7Harrow5.58%£29,72235.65%
8Chorley5.57%£11,59735.63%
9Norwich6.26%£17,25535.38%
10Swindon5.08%£15,15435.33%

Source: Zoopla April 2018

Read more: Looking to remortgage on your property. Compare the best rates with Zoopla's partners, Money.

You might also be interested in...

Are sellers being over-ambitious with their pricing? Let us know your thoughts in the comments, below...