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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 (£)
    1 Kingston-upon-Thames 48.14% 7.35% £78,625
    2 Surbiton 47.25% 6.28% £38,292
    3 Southsea 46.33% 5.30% £13,578
    4 Darlington 45.52% 7.41% £10,604
    5 Twickenham 45.25% 6.37% £41,992
    6 Bracknell 45.14% 5.31% £21,509
    7 Arundel 44.22% 6.40% £58,011
    8 Weybridge 43.94% 6.00% £56,403
    9 Bicester 43.71% 5.23% £21,646
    10 St. Helens 43.58% 6.61% £8,272

    Top 10 Areas with Largest Asking Price Reductions

    Rank Town Average price reduction (%) Average price reduction (£) Reduced properties on the market (%)
    1 Stockton-on-Tees 7.87% £13,108 43.22%
    2 Bishop Auckland 7.80% £11,224 39.05%
    3 Accrington 7.77% £9,736 30.50%
    4 Rotherham 7.65% £9,665 37.61%
    5 Hartlepool 7.64% £11,502 38.25%
    6 Isle of Man 7.62% £34,499 29.34%
    7 Halifax 7.61% £13,426 31.49%
    8 Middlesbrough 7.57% £11,256 39.39%
    9 Darlington 7.41% £10,604 45.52%
    10 Kingston-upon- Thames 7.35% £78,625 48.14%

    Top 10 London Boroughs with Highest Proportion of Asking Price Reductions

    Rank Borough Reduced properties on the market (%) Average price reduction (%) Average price reduction (£)
    1 Richmond-upon- Thames 45.13% 6.62% £55,658
    2 Kingston-upon- Thames 44.10% 6.12% £52,726
    3 Hillingdon 42.35% 5.09% £29,860
    4 Merton 42.21% 6.22% £45,688
    5 Croydon 40.02% 5.86% £28,920
    6 Hounslow 39.59% 6.26% £48,335
    7 Harrow 39.22% 5.44% £32,489
    8 Bromley 39.18% 5.71% £34,772
    9 Ealing 38.58% 5.96% £43,192
    10 Sutton 38.19% 5.18% £24,208

    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%
    3 Westminster 7.20% £112,781 33.51%
    4 City of London 6.80% £68,366 30.81%
    5 Camden 6.68% £79,370 36%
    6 Richmond upon Thames 6.62% £55,658 45.13%
    7 Lambeth 6.56% £56,818 35.9%
    8 Wandsworth 6.53% £67,735 37.63%
    9 Waltham Forest 6.42% £35,524 34.54%
    10 Southwark 6.27% £52,557 34.91%

    Source: Zoopla, 31st July 2017

    - Ends -

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