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Average property discounts hit all-time high

8th February 2012

  • Over a third of all properties currently for sale have had asking price cut
  • Average UK asking price discount now at all-time high of £19,580
  • Biggest reductions currently on offer in Glasgow, Blackpool and Maidstone

Over a third (36.7%) of UK properties for sale currently have been reduced in price at least once since first coming onto the market. The average discount off the original asking price being offered by sellers across the UK on these homes now stands at £19,580 (7.5%), according to property search website Zoopla.co.uk.

The average discount on price-reduced properties on offer today is over £1,000 more than this time last year when it stood at £18,475 (7%). Homeowners have slashed huge sums from their original asking prices in an attempt to attract buyers. The total amount reduced from the asking prices of all properties currently for sale across the country stands at £2.5 billion.

Zoopla.co.uk, which lists hundreds of thousands of properties for sale, offers a unique facility on its website that lets users sort search results by those that have been most reduced in price, highlighting potential property bargains to home buyers across the UK.

Glasgow tops the list of places where the biggest discounts are currently on offer with an average price reduction of 9.2% (£12,566). Sellers in Blackpool are also making big concessions, knocking 9% off their original asking prices on average, whilst Maidstone rounds out the top three areas with the highest average reductions in price at 8.5% (£19,668).

Stockport has the highest proportion of discounted properties for sale with nearly half (49%) of sellers having cut their asking prices at least once. Other areas where a big proportion of sellers have felt the need to drop prices include Chesterfield (45%) and Rotherham (44%).

Nicholas Leeming, business development director of Zoopla.co.uk, commented: “The current average discount of £19,580 is a new high indicating that sellers have come to terms with the market realities. Pricing correctly remains key when selling a home and whilst there is a shortage of sale stock currently, buyers are more discerning and more informed than ever before. Serious sellers must do their homework and follow the advice of their agent before settling on an asking price – otherwise they may well find their property on the market for longer than they’d hoped.”


Top 10 Areas with Biggest Asking Price Reductions

Rank Area Avg. Price Reduction (%) Avg. Price Reduction (£) % of Homes on Market Reduced
1 Glasgow -9.16% -£12,566 42.73%
2 Scunthorpe -9.12% -£13,207 43.19%
3 Blackpool -8.97% -£12,316 27.45%
4 Newcastle -8.77% -£21,823 36.99%
5 Rotherham -8.62% -£13,671 44.07%
6 Hull -8.48% -£9,674 34.60%
7 Maidstone -8.46% -£19,668 35.70%
8 Liverpool -8.34% -£14,355 39.36%
9 Bradford -8.21% -£11,675 38.05%
10 Preston -8.21% -£18,000 41.60%

Source: Zoopla.co.uk (February 2012)


Top 10 Areas with Highest Proportion of Asking Price Reductions

Rank Area % of Properties Reduced Avg. Price Reduction (%) Avg. Price Reduction (£)
1 Stockport 48.74% -8.11% -£17,384
2 Chesterfield 45.17% -7.87% -£14,028
3 Rotherham 44.07% -8.62% -£13,671
4 Scunthorpe 43.19% -9.12% -£13,207
5 Wakefield 43.14% -7.58% -£14,687
6 Glasgow 42.73% -9.16% -£12,566
7 Sunderland 41.77% -7.76% -£11,878
8 Warrington 41.75% -8.02% -£16,339
9 Leeds 41.61% -6.90% -£13,304
10 Preston 41.60% -8.21% -£18,000

Source: Zoopla.co.uk (February 2012)


Top 10 Areas with Smallest Asking Price Reductions

Rank Area Avg. Price Reduction (%) Avg. Price Reduction (£) % of Properties Reduced
1 Chelmsford -5.93% -£20,329 37.54%
2 York -6.01% -£17,031 31.83%
3 Swindon -6.20% -£12,455 41.58%
4 Bristol -6.23% -£14,658 34.94%
5 Bedford -6.26% -£16,518 41.37%
6 Plymouth -6.30% -£11,222 38.01%
7 Luton -6.32% -£12,067 40.94%
8 London -6.42% -£41,791 29.53%
9 Northampton -6.54% -£13,281 36.65%
10 Croydon -6.55% -£18,561 39.07%

Source: Zoopla.co.uk (February 2012)


Top 10 Areas with Lowest Proportion of Asking Price Reductions

Rank Area % of Properties Reduced Avg. Price Reduction (%) Avg. Price Reduction (£)
1 Blackpool 27.45% -8.97% -£12,316
2 Bolton 29.11% -8.11% -£13,980
3 London 29.53% -6.42% -£41,791
4 Derby 30.75% -6.87% -£11,738
5 York 31.83% -6.01% -£17,031
6 Wigan 32.80% -7.37% -£10,157
7 Hull 34.60% -8.48% -£9,674
8 Bristol 34.94% -6.23% -£14,658
9 Maidstone 35.70% -8.46% -£19,668
10 Bournemouth 35.81% -7.03% -£16,603

Source: Zoopla.co.uk (February 2012)

- Ends -

For further information, please contact Tim Vooght at pr@zoopla.co.uk or on 020 3872 5615.

Notes to editors

Zoopla is the UK's most comprehensive property website, focused on empowering users with the resources they need to make better-informed property decisions. We help consumers both find their next home and research the market by combining hundreds of thousands of property listings with market data, local information and community tools.

At Zoopla we are fans of transparency and everything we do is aimed at making the market more efficient for both property consumers and advertisers alike. Zoopla has rapidly become the UK’s leading online destination for property consumers to search for homes and do their market research and the favoured online marketing partner for UK estate agents, letting agents and property developers.

Launched in 2008, Zoopla has since been one of the fastest growing websites in the UK, now attracting over 40 million visits per month and we are proud to have collected numerous awards and accolades along the way, including being named one of the Top 10 UK Tech Companies (Guardian) and one of the Top 10 Most Innovative UK Companies (Smarta).

Zoopla is part of Zoopla Limited which was founded in 2007.

Zoopla Limited, The Cooperage, 5 Copper Row, London, SE1 2LH
Registered in England and Wales with Company No. 09005884
VAT Registration number: 191 2231 33
Data Protection number: Z9972266

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