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Number of cut price properties rises by almost 4% since April

10th August 2016

  • 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 -

    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
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