More than a third of British properties have been slashed in price – by an average of £26,131, or 8.5%.
According to the latest data from Zoopla, 38% of properties on the market have been reduced in price. That’s a 5% increase since April.
The biggest percentage reductions over the last six months have been in Bradford (7.8%) where the average discount stands at £10,738. This is closely followed by the London suburb of Mitcham (7.5%) at £47,165, and Newcastle upon Tyne (7.2%) at £13,721.
Brighton tops the ranking for the highest proportion of discounted homes, with 46.6% of properties marked down in price. The south coast town is followed by Woking at 46%, and Mitcham at 45.9%.
In the capital, 39.5% of London property listings have been reduced in price – up from 34.6% in April. The average property in the city has been discounted by £64,661, or 6.9%.
Want to know more? These tables show the nitty-gritty…
Top 10 areas with largest percentage price reductions
| Town | Average price reduction | Average price reduction | Reduced properties on the market | |
|---|---|---|---|---|
| 1. | Bradford | 7.8% | £10,738 | 37.1% |
| 2. | Mitcham | 7.5% | £47,165 | 45.9% |
| 3. | Newcastle upon Tyne | 7.2% | £13,721 | 38.6% |
| 4. | Doncaster | 7% | £13,915 | 34.5% |
| 5. | Bolton | 7% | £15,874 | 37.3% |
| 6. | London | 6.9% | £64,661 | 39.5% |
| 7. | Chesterfield | 6.8% | £16,567 | 38.6% |
| 8. | Blackburn | 6.8% | £8,893 | 34.8% |
| 9. | Liverpool | 6.8% | £13,078 | 28.5% |
| 10. | Blackpool | 6.7% | £10,113 | 38.4% |
Top 10 areas with highest proportion of asking price reductions
| Town | Reduced properties on the market | Average price reduction | Average price reduction | |
|---|---|---|---|---|
| 1. | Brighton | 46.6% | 6.4% | £28,122 |
| 2. | Woking | 46% | 6.4% | £34,845 |
| 3. | Mitcham | 45.9% | 7.5% | £47,165 |
| 4. | Slough | 45.8% | 5.8% | £31,732 |
| 5. | Sutton | 45.4% | 5.9% | £25,228 |
| 6. | Reading | 44.6% | 5.9% | £26,478 |
| 7. | Basingstoke | 43.8% | 5.8% | £21,866 |
| 8. | Harrow | 43.3% | 6% | £29,066 |
| 9. | Twickenham | 43.3% | 6.7% | £44,218 |
| 10. | Croydon | 43.1% | 6.6% | £25,615 |
Top 10 London boroughs with largest percentage price reductions
| Borough | Average price reduction | Average price reduction | Reduced properties on the market | |
|---|---|---|---|---|
| 1. | Kensington & Chelsea | 8.2% | £127,394 | 39.7% |
| 2. | Westminster | 7.9% | £126,056 | 39.7% |
| 3. | Hammersmith & Fulham | 7.5% | £79,020 | 37.4% |
| 4. | Lambeth | 7.4% | £63,616 | 43.2% |
| 5. | Wandsworth | 7.3% | £69,690 | 43.5% |
| 6. | Camden | 7% | £78,373 | 41.3% |
| 7. | Ealing | 7% | £62,357 | 39% |
| 8. | Richmond upon Thames | 7% | £57,171 | 43.4% |
| 9. | Merton | 6.9% | £44,995 | 45.2% |
| 10. | Croydon | 6.8% | £32,351 | 43.8% |
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