More than a third of homes listed on Zoopla have been reduced in price, and average discounts are sitting at a welcome £25,000. But where are the biggest bargains?

What's the latest?

Property price reductions in some towns have resulted in discounts of up to nearly £80,000, according to Zoopla's latest research.

Over one-third (34.08%) of homes on the market have had their asking prices slashed – an increase of 2.48% since March this year.

It puts the average discount at £24,823 (8.08%), which is a whisker under the £24,989 reduction when Zoopla reviewed its figures in the last quarter.

Lawrence Hall, spokesperson for Zoopla, said the number of homes on the market with reduced prices was, "good news for first-time buyers trying to get onto the property ladder" and others scouting for a bargain.

Which places have seen the biggest discounts?

After analysing 138 British towns and 33 London boroughs, our findings revealed that buyers should head north if they want to smoke out the biggest bargains. Eight of the 10 tops areas for discounts were towns in the north of England. 

Properties in the market town of Stockton-on-Tees have been marked down by £13,108 (7.87%), closely followed by Bishop Auckland, Accrington, Rotherham, Hartlepool, Halifax, Middlesbrough and Darlington, which have seen average price reductions of between £9,736 and £13,426.Above: In Stockton-on-Tees, this four-bedroom detached house is on the market for £225,000Above: Available for £125,000 is this four-bedroom terraced home, for sale in Bishop AucklandAbove: Drastically reduced by £30,000, this four-bedroom terraced house for sale in Rotherham is priced at £115,000

I want to move into the capital. Are there any bargains in London?

If you are hoping to save tens of thousands of pounds on a home in the capital, now could be your chance. Over a third (36.67%) of London properties listed on Zoopla have seen their asking prices slashed, offering buyers an average discount of £52,457 or 7.24%.

A breakdown of London boroughs shows that leafy Richmond-upon-Thames has the highest proportion of price drops, with 39.09% of homes on the market carrying a discount, saving buyers a staggering £55,658 on average. 

Sutton was least affected with an average £24,208 slashed off the asking price. See our table below for more details.Above: Reduced for a ‘quick sale’ is this one one-bedroom flat, in Richmond, available on Zoopla for £475,000 

Where are discounts least likely? 

Two Scottish cities are showing particular resilience. In Glasgow, 20% of homes are carrying a price reduction, while in Edinburgh the number of properties discounted in price is just 12.07%. 

In terms of the size of discount, Fareham, Weston-super-Mare and Wellingborough have been least affected with respective price cuts of £16,228 (4.38%), £9,885 (4.43%) and £13,358 (4.46%).Above: In Edinburgh, this one-bedroom flat is on the market for £110,000

Top 3 takeaways

  • Zoopla research has found that 34% of homes on the market have been reduced in price
  • The average property discount stands at £24,823
  • Discounted homes in London have been marked down by an average £52,457

Top 10 towns with the highest proportion of asking price reductions

Rank

Town

Reduced properties on the market (%)

Average price reduction (%)

Average price reduction (£)

1

Kingston-upon-Thames

48.14%

7.35%

£78,625

2

Surbiton

47.25%

6.28%

£38,292 

3

Southsea

46.33%

5.30%

£13,578

4

Darlington

45.52%

7.41%

£10,604

5

Twickenham

45.25%

6.37%

£41,992

6

Bracknell

45.14%

5.31%

£21,509

7

Arundel

44.22%

6.40%

£58,011

8

Weybridge

43.94%

6.00%

£56,403

9

Bicester

43.71%

5.23%

£21,646

10

St. Helens

43.58%

6.61%

£8,272

Source: Zoopla, 31 July 2017

Top 10 towns with the largest asking price drops

Rank

Town

Average price reduction (%)

Average price reduction (£)

Reduced properties on the market (%)

1

Stockton-on-Tees

7.87%

£13,108

43.22%

2

Bishop Auckland

7.80%

£11,224

39.05%

3

Accrington

7.77%

£9,736

30.50%

4

Rotherham

7.65%

£9,665

37.61%

5

Hartlepool

7.64%

£11,502

38.25%

6

Isle of Man

7.62%

£34,499

29.34%

7

Halifax

7.61%

£13,426

31.49%

8

Middlesbrough

7.57%

£11,256

39.39%

9

Darlington

7.41%

£10,604

45.52%

10

Kingston-upon- Thames

7.35%

£78,625

48.14% 

Source: Zoopla, 31 July 2017

Top 10 London boroughs with the highest proportion of asking price reductions

Rank

Borough

Reduced properties on the market (%)

Average price reduction (%)

Average price reduction (£)

1

Richmond-upon- Thames

45.13%

6.62%

£55,658

2

Kingston-upon- Thames

44.1% 

6.12%

£52,726

3

Hillingdon

42.35%

5.09%

£29,860

4

Merton

42.21%

6.22%

£45,688

5

Croydon

40.02%

5.86%

£28,920

6

Hounslow

39.59%

6.26%

£48,335

7

Harrow

39.22%

5.44%

£32,489

8

Bromley

39.18%

5.71%

£34,772

9

Ealing

38.58%

5.96%

£43,192

10

Sutton

38.19%

5.18%

£24,208

Source: Zoopla, 31 July 2017

You might also be interested in...

 Are you waiting for prices to fall before making your next property move? Tell us by posting a comment below... 

* DISQUS *
comments powered by Disqus