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Average discount on property asking prices is £25,000

9th May 2016

  • 29 per cent of properties currently on the market have had their asking price reduced
  • Average discount figure has risen by over £3,500 since the start of the year
  • St Helens, Merseyside, has the largest share of properties which have been reduced in asking price (43.7 per cent)
  • Largest price reductions found in Barnet in London, with prices cut by 10.8 per cent on average
  • The average reduction in property asking prices stands at over £25,000, according to leading property website Zoopla. This figure has grown by almost £4,000 to £25,265 from £21,570 since January this year, marking a 17 per cent increase.

    Almost a third (29 per cent) of properties currently listed for sale on Zoopla have seen their price reduced at least once since originally being listed. This represents a 0.43 per cent increase in the number of price reductions since the start of 2016.

    Eight of the 10 areas with the highest proportion of properties with a reduced asking price are located in the north of England, with almost half of all properties listed in St Helens (43.7 per cent), Hartlepool (42.5 per cent) and Middlesbrough (40 per cent) having been marked down. Also in the top 10 are Haverfordwest in Wales, and Great Yarmouth in East Anglia.

    When it comes to where asking prices have been discounted the most, the top area is Barnet – where 10.8% is the average amount knocked off asking prices – followed by Coventry (10.4 per cent) and Salford (10.4 per cent). Inside the top 20, London isn’t far behind with an average reduction percentage of 7.8 per cent – above the overall national average of 6.86 per cent. Prices in Northampton, Milton Keynes and Maidenhead have been reduced the least with asking prices marked down by 4.53, 4.58 and 4.73 per cent respectively.

    London’s borough of Kensington and Chelsea tops the list of the 10 London boroughs with the highest proportion of asking price reductions - 33 per cent of properties in the area have been marked down in price. This is closely followed by Hammersmith and Fulham (32 per cent) and Kingston upon Thames (30 per cent). However, those looking for the largest possible reductions should look to Enfield, which checks in at number one on the top 10 list of London boroughs with an average discount of 8.4 per cent.

    At the upper end of the of the national property market, almost a quarter (24 per cent) of properties with an asking price of over £1m have been reduced since their original listing, with the average discount standing at nearly £180k (£179,593).

    Lawrence Hall, spokesperson for Zoopla comments: “The small increase in the number of properties for sale with reduced asking prices and the rise in the average discount to over £25k should be welcome news for aspiring homeowners looking to get a foot onto the property ladder. Despite increasing house prices across the country, there’s clearly still space for negotiation, and doing your research to find the best deal is definitely still worth the time.”

    Top 10 areas with the highest proportion of asking price reductions

    Rank Area % of Homes on Market Reduced Average Price Reduction (%) Average Price Reduction (£)
    1 St Helens 43.7% 6.45% £8,921
    2 Hartlepool 42.47% 8.9% £14,334
    3 Middlesbrough 40.08% 7.66% £12,799
    4 Wigan 39.8% 6.41% £10,641
    5 Wakefield 39.46% 6.75% £14,779
    6 Great Yarmouth 39.23% 7.21% £15,591
    7 Darlington 38.92% 6.88% £11,730
    8 Preston 38.15% 6.53% £14,252
    9 Haverfordwest 38.1% 10.14% £25,208
    10 Halifax 38.09% 7.23% £14,199
    Source: Zoopla, April 2016

    Top 10 areas with the biggest reductions in asking prices

    Rank Area Average Price Reduction Average Price Reduction (£) % of Homes on Market Reduced
    1 Barnet (town) 10.82% £120,969 24.7%
    2 Coventry 10.43% £27,320 24.2%
    3 Salford 10.39% £16,634 11.09%
    4 Haverfordwest 10.14% £25,208 38.1%
    5 Blackpool 9.59% £15,202 32.35%
    6 Bishop Auckland 9.58% £14,391 37.79%
    7 Hull 8.95% £11,889 26.98%
    8 Hartlepool 8.9% £14,334 42.47%
    9 Oxford 8.71% £39,890 29.25%
    10 Romford 8.49% £36,529 21.03%
    Source: Zoopla, April 2016

    Top 10 areas with the smallest reductions in asking prices

    Rank Area Average Price Reduction Average Price Reduction (£) % of Homes on Market Reduced
    1 Northampton 4.53% £12,340 24.56%
    2 Milton Keynes 4.58% £14,478 21.54%
    3 Maidenhead 4.73% £25,175 27.26%
    4 Harrow 4.79% £24,866 21.67%
    5 Wembley 5.05% £27,191 19.87%
    6 Bridgend 5.14% £8,580 34.04%
    7 Ipswich 5.25% £13,785 32.62%
    8 Worcester 5.39% £13,915 32.2%
    9 King’s Lynn 5.63% £16,789 30.93%
    10 Paignton 5.66% £12,431 26%
    Source: Zoopla, April 2016

    Top 10 areas with the lowest proportion of asking price reductions

    Rank Area % of Homes on Market Reduced Average Price Reduction (%) Average Price Reduction (£)
    1 Salford 11.09% 10.39% £16,634
    2 Edinburgh 12.27% 7.1% £18,836
    3 South Croydon 17.93% 5.76% £22,525
    4 Croydon 18.55% 5.83% £22,539
    5 Wembley 19.87% 5.05% £27,191
    6 Edgware 20.35% 7.11% £35,137
    7 Romford 21.03% 8.49% £36,529
    8 Sutton 21.15% 6.88% £34,806
    9 Clacton-on-Sea 21.39% 7.28% £13,057
    10 Milton Keynes 21.54% 4.58% £14,478
    Source: Zoopla, April 2016

    Top 10 London boroughs with largest asking price reductions

    Rank Area Average Price Reduction (%) Average Price Reduction (£) % of Homes on Market Reduced
    1 Enfield 8.4% £53,052 23.21%
    2 Kensington and Chelsea 7.95% £137,421 33.26%
    3 Barnet (borough) 7.92% £84,236 24.39%
    3 Havering 7.92% £35,955 21.64%
    5 Islington 7.83% £73,274 24.7%
    6 Westminster 7.77% £130,312 29.51%
    7 Hounslow 7.76% £62,746 27.24%
    8 Hackney 7.69% £58,464 22.24%
    9 City of London 7.67% £72,220 21.09%
    10 Croydon 7.63% £38,375 24.17%
    Source: Zoopla, April 2016

    Top 10 London boroughs with highest proportion of asking price reductions

    Rank Area % of Homes on Market Reduced Average Price Reduction (%) Average Price Reduction (£)
    1 Kensington and Chelsea 33.26% 7.95% £137,421
    2 Hammersmith and Fulham 31.99% 7.23% £81,460
    3 Kingston upon Thames 29.7% 6.54% £57,838
    4 Merton 29.54% 6.6% £51,676
    5 Westminster 29.51% 7.77% £130,312
    6 Wandsworth 29.08% 6.74% £79,196
    7 Richmond upon Thames 27.51% 6.72% £57,311
    8 Camden 27.45% 7.25% £94,671
    9 Lambeth 27.41% 6.91% £67,581
    10 Hounslow 27.24% 7.76% £62,746
    Source: Zoopla, April 2016

    - Ends -

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