34 per cent of properties on the market have been reduced in price
1st September 2017
- The average property discount stands at £24,823
- Nearly half of properties in Kingston-upon-Thames have had their asking prices reduced (48.14 per cent)
- Edinburgh has the fewest reduced price properties (12.07 per cent)
- Discounted properties in London have been marked down by an average of 7.24 per cent
Over a third (34.08 per cent) of properties on the market have had their asking prices reduced according to the latest figures from property website Zoopla – an increase of 2.48 per cent since March. However, the average discount now stands at 8.08 per cent (£24,823) – slightly less than when the figures were reviewed last quarter (£24,989).
Zoopla analysed property listings live on the website last month to establish the proportion of homes with asking price reductions, revealing that Kingston-upon-Thames tops the list with nearly half (48.14 per cent) of homes in the town marked down. This is closely followed by neighbouring Surbiton (47.25 per cent) and coastal Southsea (46.33 per cent). However, Scotland appears to be more resilient with only 12.07 per cent of homes in the capital city of Edinburgh carrying a price reduction. Manchester’s Salford and Scotland’s Glasgow closely follow with 17.55 per cent and 20 per cent respectively.
Looking at the price cuts available, the north of the country boasts some of the largest discounts with eight northern towns featuring in the top 10. The market town of Stockton-on-Tees has witnessed the largest asking price reductions, with properties marked down by 7.87 per cent (£13,108). Bishop Auckland and Accrington place in second and third with reductions of 7.80 percent (£11,224) and 7.77 per cent (£9,736). At the other end of the scale, asking prices in Fareham, Weston-super-Mare and Wellingborough have seen the smallest price decreases, with discounts of 4.38 per cent (£16,228), 4.43 per cent (£9,885), and 4.46 per cent (£13,358) respectively.
Over a third (36.67 per cent) of London property listings have seen a price reduction – up from 32.34 per cent in March – with an average discount of 7.24 per cent (£52,457). Leafy Richmond-upon-Thames is home to the greatest proportion of discounted properties (45.13 per cent), whilst in the east of the capital, Newham has the smallest share (28.03 per cent). Kensington and Chelsea remains the most discounted London borough in value terms (7.77 per cent - up from 7.65 per cent in March this year), while properties in Bexley have been discounted the least (4.98 per cent).
Lawrence Hall, spokesperson for Zoopla comments: “There has been an increase in the number of reduced properties on the market since earlier this year, which is good news for first time buyers trying to get onto the property ladder. Those looking to scout out a bargain should consider looking in County Durham, home to Stockton-on-Tees and Bishop Auckland, some of the biggest discounters.”
Top 10 Areas with Highest Proportion of Asking Price Reductions
|Rank||Town||Reduced properties on the market (%)||Average price reduction (%)||Average price reduction (£)|
Top 10 Areas with Largest Asking Price Reductions
|Rank||Town||Average price reduction (%)||Average price reduction (£)||Reduced properties on the market (%)|
|6||Isle of Man||7.62%||£34,499||29.34%|
Top 10 London Boroughs with Highest Proportion of Asking Price Reductions
|Rank||Borough||Reduced properties on the market (%)||Average price reduction (%)||Average price reduction (£)|
Top 10 London Boroughs with Largest Asking Price Reductions
|Rank||Borough||Average price reduction (%)||Average price reduction (£)||Reduced properties on the market (%)|
|1||Kensington and Chelsea||7.77%||£123,163||34.16%|
|2||Hammersmith and Fulham||7.26%||£74,521||36.89%|
|4||City of London||6.80%||£68,366||30.81%|
|6||Richmond upon Thames||6.62%||£55,658||45.13%|
- Ends -
For further information, please contact PR Team on [email protected] or +44 (0)20 3873 8770.
Hello. We're Zoopla. A property website and app.
We know you're not just looking for a place to live. You're looking for a home.
Yeah, we've got over a million properties for you to browse.
Tools that let you filter them in all kinds of clever ways.
And reliable house price estimates, so you can be sure you aren't paying over the odds.
But we know you're looking for more than that.
Because that first flat won't just be a 'great investment opportunity'.
It'll be the feeling of starting out on your own.
That extra bedroom won't just mean another £20K on the re-sale price, it'll mean having your sister over to stay.
And that bungalow won't just be a way to release some equity, it will be a chance to spend more time with the grandkids.
We know that searching for a home is about more than just checking its price, location and features (important as all those things are).
What really matters is how it makes you feel.
We know what a home is really worth.
So let us help you find yours.
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. 06074771
VAT Registration number: 191 2231 33
Data Protection number: Z9972266