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Property asking prices discounted to highest level in over a year

15th August 2011

  • 2 in 5 properties on the market today have had price lowered at least once
  • Average price reduction by sellers is over £18,500, 7.1% off original price
  • North seeing more asking prices reduced and by higher % than in South

More current sellers have reduced the asking price of their home than at any time in the last year, according to property website Zoopla.co.uk. Two in five (38.6%) of all properties currently for sale in Britain have had their asking prices reduced at least once since coming onto the market, up from 37% three months ago, and well ahead of the 32% one year ago.

Even properties over £1 million, where the market has been most resilient, have seen more asking price reductions. Of all £1 million+ properties on the market, 27% have had their price reduced at least once, up from 25% three months ago and significantly higher than the 22% one year ago.

Zoopla.co.uk, which offers a unique feature allowing users to hunt for bargains by sorting properties for sale on its website by those that have been most-reduced in price, reveals that sellers have been forced to reduce prices by £18,597 (7.13%) on average in an effort to attract buyers. The average price reduction is now £2,200 more than one year ago when the average discount from the original asking price was 6.1%.

And the north-south divide continues to widen in the property market. Sellers in the north are being forced to reduce asking prices by much more than their counterparts in the south. Northern towns and cities dominate the list of places with the highest average price reductions.

Sellers in Bolton are suffering the most, having been forced to reduce the original asking price by 8.6% on average. Glasgow (8.2%) and Newcastle-upon-Tyne (8.2%) complete the top three, while other major northern cities like Liverpool are also in the top ten. Conversely, prices in the south-east have remained more immune to reductions where properties in Chelmsford (5.5%) have the lowest average discount and the list also includes other prominent south-east areas like London (6.3%) and Croydon (5.6%).

London has the lowest proportion of price-reduced homes in the UK (32.4%), serving to emphasise its detachment from the rest of the market. Meanwhile, in Stockport, nearly half (47.8%) of all properties for sale have been reduced in price since coming onto the market, closely followed by Huddersfield (46.3%) and Chesterfield (45.8%).

Nicholas Leeming, business development director of Zoopla.co.uk, commented: “Vendors continue to have to lower prices due to weak buyer demand. Sluggish economic growth has hit buyer confidence and tight-fisted lenders are currently making it impossible for swathes of would-be buyers to benefit from the price reductions. For those who can get mortgages, now is as good a time as there has been in over a year to bag a property bargain.”

Zoopla.co.uk list of 50 key British cities/towns with property price reductions

Areas with Highest Level of Discounted Homes on Market

Rank Area % of Homes on Market Reduced Avg. Price Reduction (%) Avg. Price Reduction (£)
1 Stockport 47.80% -7.33% -£15,737
2 Huddersfield 46.26% -7.95% -£12,910
3 Chesterfield 45.83% -6.91% -£10,657
4 Doncaster 45.02% -7.91% -£13,313
5 Wigan 45.01% -7.56% -£10,617
6 Norwich 44.68% -6.59% -£15,164
7 Derby 44.67% -6.77% -£11,643
8 Ipswich 44.66% -6.98% -£13,077
9 Bradford 44.02% -7.47% -£11,548
10 Lincoln 43.98% -6.59% -£12,836

Source: Zoopla.co.uk (August 2011)

Areas with Highest Average Asking Price Reductions

Rank Area % of Homes on Market Reduced Avg. Price Reduction (%) Avg. Price Reduction (£)
1 Bolton -8.59% -£12,418 35.21%
2 Glasgow -8.24% -£11,255 39.11%
3 Newcastle -8.18% -£21,090 39.56%
4 Liverpool -8.12% -£13,285 39.45%
5 Rotherham -8.11% -£12,002 43.79%
6 Huddersfield -7.95% -£12,910 46.26%
7 Doncaster -7.91% -£13,313 45.02%
8 Ashford -7.85% -£19,381 41.27%
9 Maidstone -7.84% -£17,960 42.62%
10 Warrington -7.75% -£15,671 41.57%

Source: Zoopla.co.uk (August 2011)

Areas with Lowest Level of Discounted Homes on Market

Rank Area % of Homes on Market Reduced Avg. Price Reduction (%) Avg. Price Reduction (£)
1 London 32.39% -6.29% -£37,159
2 Bolton 35.21% -8.59% -£12,418
3 York 35.71% -5.92% -£16,505
4 Peterborough 35.96% -6.95% -£12,359
5 Bristol 35.99% -6.32% -£14,570
6 Milton Keynes 36.04% -7.33% -£14,840
7 Hull 37.20% -7.50% -£8,642
8 Croydon 37.21% -5.58% -£13,496
9 Bedford 37.74% -5.89% -£15,151
10 Manchester 38.07% -7.74% -£12,543

Source: Zoopla.co.uk (August 2011)

Areas with Lowest Average Asking Price Reductions

Rank Area % of Homes on Market Reduced Avg. Price Reduction (%) Avg. Price Reduction (£)
1 Chelmsford -5.55% -£17,754 41.60%
2 Croydon -5.58% -£13,496 37.21%
3 Swindon -5.72% -£11,547 40.36%
4 Bedford -5.89% -£15,151 37.74%
5 York -5.92% -£16,505 35.71%
6 Luton -5.92% -£11,894 40.81%
7 Northampton -6.09% -£11,547 41.91%
8 Cardiff -6.13% -£16,208 39.57%
9 Plymouth -6.20% -£11,068 42.99%
10 London -6.29% -£37,159 32.39%

Source: Zoopla.co.uk (August 2011)

- 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.

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Registered in England and Wales with Company No. 09005884
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