Number of cut price properties rises by almost 4% since April
The number of properties reduced in asking price has increased by 3.65 per cent to 32.64 per cent since the start of April
Most property reductions were seen in July when 32.64 per cent of all listings were discounted – an increase 1.49 per cent on the previous month
17 of the top 20 areas with the largest share of reduced properties are in the North of England, with Huddersfield, Wigan and St Helens at the top of the table
11 of the top 20 towns with the largest property discounts can also be found in the north
The number of properties reduced in asking price has increased by 3.65 per cent to 32.64 per cent since the start of April, according to leading property website Zoopla. The most property reductions were seen in July, when 32.64 per cent of all listings were discounted – an increase 1.49 per cent on the previous month.
However, the value of the reduction has seen little change, with the average property discounted between April to the end of July falling by 0.56 per cent, taking the average asking price decrease to £25,257.09.
Regionally, 17 of the top 20 areas with the largest share of reduced properties are in North of England, with almost half of all properties listed in Huddersfield (44.9 per cent), Wigan (43.9 per cent) and St Helens, Merseyside (43.3 per cent) having been marked down. The only areas on the top 20 list not in the North of England are Great Yarmouth (40.9 per cent), Bridgend (38.1 per cent) and Haverfordwest (37.9 per cent).
Additionally, 11 of the top 20 towns with the largest discounts can also be found in the north. Bishop Auckland is the area with the highest asking price reductions, with its discounted properties falling by 10.1 per cent. Other northern towns that currently offer the most discounted asking prices include Durham (9.13 per cent), Blackpool (8.85 per cent) and Halifax (8.31 per cent). Big property reductions can also be found in Poole (8.66 per cent) and Wales’ Haverfordwest (9.4 per cent).
At the bottom of the table, house prices in Worcester, Milton Keynes and Aylesbury have been reduced the least, with asking prices being marked down by 4.61, 4.76 and 4.93 per cent respectively.
London property prices have been reduced by an average of 7.8 per cent, with the proportion of properties reduced increasing by 4.29 per cent (to 30.66 per cent) since April. The borough of Kensington and Chelsea tops the list of those with the largest asking price reductions (9.2 per cent) and also came in second place for the largest proportion of reduced properties (35.2 per cent) – just behind Kingston Upon Thames (35.4 per cent).
The most resilient London borough with the lowest proportion of reduced properties is Newham, with only 24.2 per cent of listings being discounted. This is closely followed by Bexley (24.8 per cent) and Tower Hamlets (26.4 per cent).
At the top end of the of the national property market, over a quarter (26.39 per cent) of properties with an asking price of over £1million have been reduced since their original listing, an increase of almost two per cent since June when only 24.48 per cent of these properties had been reduced. The average discount value of properties over £1million now stands at £186,718, marking an additional £7,125 being taken off asking prices since April this year.
Lawrence Hall, spokesperson for Zoopla comments: “The total number of properties on the market with a reduction has risen since April, but discounts are way off their peak and not as high as one might have predicted given the EU Referendum outcome. However, where there are bargains to be had, this could present a good opportunity for those first time buyers lucky enough to have saved the required deposit. Couple this with the recent interest rate cut decision which could result further in adjustments in mortgage rates, the second half of this year could a great opportunity for first time buyers to research the market and find a bargain."
Top 10 Areas with Highest Proportion of Asking Price Reductions
Rank | Area | % of Homes on Market Reduced | Average Price Reduction (%) | Average Price Reduction (£) |
|---|---|---|---|---|
1 | Huddersfield | 44.91 % | 6.72 % | £14,030 |
2 | Wigan | 43.86% | 6.69 % | £10,920 |
3 | St Helens | 43.3% | 7.05% | £9,425 |
4 | Middlesbrough | 42.63 % | 6.74% | £11,852 |
5 | Wirral | 42.45% | 6.55% | £16,113 |
6 | Great Yarmouth | 40.93% | 7.88% | £16,690 |
7 | Halifax | 40.76% | 8.31% | £15,554 |
8 | Bishop Auckland | 40.28% | 10.09% | £14,423 |
9 | Rotherham | 40.2% | 7.13% | £10,984 |
10 | Stockton-on-Tees | 40.06% | 7.8% | £13,277 |
Top 10 Areas with Biggest Reductions in Asking Prices
Rank | Area | Average Price Reduction | Average Price Reduction (£) | % of Homes on Market Reduced |
|---|---|---|---|---|
1 | Bishop Auckland | 10.09% | £14,423 | 40.28% |
2 | Haverfordwest | 9.38% | £23,292 | 37.88% |
3 | Durham | 9.13% | £14,977 | 37.42% |
4 | Blackpool | 8.85% | £13,562 | 38.01% |
5 | Poole | 8.66% | £58,668 | 28.27% |
6 | Oxford | 8.4% | £38,067 | 33.15% |
7 | Halifax | 8.31% | £15,554 | 40.76% |
8 | Great Yarmouth | 7.88% | £16,690 | 40.93% |
9 | Darlington | 7.86% | £12,547 | 39.22% |
10 | Bradford | 7.85% | £11,278 | 35.1% |
Top 10 Areas with Smallest Reductions in Asking Prices
Rank | Area | Average Price Reduction | Average Price Reduction (£) | % of Homes on Market Reduced |
|---|---|---|---|---|
1 | Worcester | 4.61% | £11,615 | 34.16% |
2 | Milton Keynes | 4.76% | £15,539 | 31.19% |
3 | Aylesbury | 4.93% | £21,803 | 29.17% |
4 | Ipswich | 5.03% | £13,028 | 33.29% |
5 | Worthing | 5.2% | £18,168 | 34.78% |
6 | Bridgend | 5.23% | £9,032 | 38.13% |
7 | Bedford | 5.29% | £18,683 | 23.94% |
8 | Gloucester | 5.37% | £13,826 | 35.63% |
9 | Colchester | 5.45% | £18,634 | 29.4% |
10 | Newport | 5.56% | £10,473 | 31.5% |
Top 10 Areas with Lowest Proportion of Asking Price Reductions
Rank | Area | % of Homes on Market Reduced | Average Price Reduction (%) | Average Price Reduction (£) |
|---|---|---|---|---|
1 | Salford | 14.85% | 6.35% | £10,740 |
2 | Edinburgh | 16.93% | 5.59% | £15,310 |
3 | Slough | 22.01% | 6.37% | £27,773 |
4 | Glasgow | 22.46% | 6.38% | £10,170 |
5 | Bedford | 23.94% | 5.29% | £18,683 |
6 | Cambridge | 24.44% | 6.99% | £37,044 |
7 | Coventry | 26.87% | 6.67% | £17,046 |
8 | Morpeth | 27.19% | 6.92% | £15,900 |
9 | Northampton | 27.24% | 5.57% | £15,011 |
10 | Poole | 28.27% | 8.66% | £58,668 |
Top 10 London Boroughs with Largest Asking Price Reductions
Rank | Area | Average Price Reduction (%) | Average Price Reduction (£) | % of Homes on Market Reduced |
|---|---|---|---|---|
1 | Kensington and Chelsea | 9.24% | £156,996 | 35.19% |
2 | Westminster | 8.4% | £137,999 | 32.2% |
3 | Hounslow | 8.27% | £61,427 | 32.65% |
4 | Barnet | 7.73% | £74,417 | 29.11% |
5 | Hammersmith and Fulham | 7.72% | £82,839 | 34.45% |
6 | Haringey | 7.68% | £63,013 | 27.06% |
7 | Wandsworth | 7.65% | £87,155 | 32.98% |
8 | City of London | 7.4% | £66,420 | 29.05% |
9 | Ealing | 7.37% | £51,906 | 32.92% |
10 | Croydon | 7.3% | £34,453 | 31.9% |
- Ends -
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