Average discount on property asking prices is £25,000
29 percent 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 percent)
Largest price reductions found in Barnet in London, with prices cut by 10.8 percent 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 percent increase.
Almost a third (29 percent) 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 percent 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 percent), Hartlepool (42.5 percent) and Middlesbrough (40 percent) 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 percent) and Salford (10.4 percent). Inside the top 20, London isn’t far behind with an average reduction percentage of 7.8 percent – above the overall national average of 6.86 percent. 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 percent 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 percent of properties in the area have been marked down in price. This is closely followed by Hammersmith and Fulham (32 percent) and Kingston upon Thames (30 percent). 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 percent.
At the upper end of the of the national property market, almost a quarter (24 percent) 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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