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Property price reductions at lowest level for almost three years

16th May 2013

  • Proportion of discounted properties falls from 34.3% to 30.7% over past year
  • Average property price reduction (6.1%) at lowest level since November 2010
  • North still suffering from over-pricing and high level of discounted properties
  • Sellers feeling less pressure to reduce prices as confidence in market grows

In a further sign of strength in the housing market, research out today from property website Zoopla.co.uk reveals that the number of properties currently for sale that have been reduced in price since first coming onto the market has fallen to its lowest level in almost three years.

The proportion of properties for sale that have had their asking price dropped at least once now stands at 30.7%, down from 34.3% twelve months ago. This marks the third successive quarter where the proportion of reduced price properties has fallen and is the latest sign that confidence is returning to the housing market.

The amount by which asking prices are being discounted on average has also fallen to 6.1%, the lowest proportion since November 2010. But the north-south property divide remains with the top ten areas with both the highest proportion of discounted properties and the biggest asking price reductions all in the north.

Yorkshire has been particularly hit by property price reductions. Six of the ten areas with the biggest proportion of discounted properties are in Yorkshire, including the top three with 42% of properties in Rotherham, 41% in Doncaster and 40% in Wakefield having been reduced in price coming to the market. And Barnsley has the highest average discount in the country to the original asking price at 8.6% followed by Liverpool (8.5%) and Blackpool (8.3%.

London has the lowest proportion of price reductions in the UK with only 24% of properties currently for sale in the capital having had their asking price adjusted downwards. Edinburgh (25%) and Bournemouth (26%) complete the top three. And Edinburgh has the lowest average asking price discount in the UK currently standing at just 4.9% off the original asking price with Swindon (5.3%) and Bedford (5.4%) coming in second and third respectively.

Lawrence Hall of Zoopla.co.uk comments:: “There is a generally positive sentiment in the property market at the moment that reflects a genuine belief that the worst of the economic crisis is behind us and that the housing market is at the early stages of a recovery. These figures show that fewer and fewer sellers are feeling the same level of pressure to reduce prices as over the past couple of years which bodes well for a recovery in house pricing.”

Top 5 Areas with Highest Proportion of Asking Price Reductions

Rank Area % of Homes on the Market Reduced Avg. Price Reduction (%)
1 Rotherham 41.9% 7.79%
2 Doncaster 40.7% 8.33%
3 Wakefield 40.2% 7.52%
4 Barnsley 38.4% 8.57%
5 Sunderland 38.2% 8.33%

Source: Zoopla.co.uk (May 2013)


Top 5 Areas with Biggest Asking Price Reductions

Rank Area Avg. Price Reduction (%) % of Homes on Market Reduced
1 Barnsley 8.57% 38.4%
2 Liverpool 8.51% 35.1%
3 Blackpool 8.34% 28.8%
4 Doncaster 8.33% 40.7%
5 Sunderland 8.33% 38.2%

Source: Zoopla.co.uk (May 2013)


Top 5 Areas with Lowest Proportion of Asking Price Reductions

Rank Area % of Homes on Market Reduced Avg. Price Reduction (%)
1 London 23.5% 6.7%
2 Edinburgh 25.1% 4.91%
3 Bournemouth 26.7% 6.44%
4 Swansea 27.4% 6.43%
5 Gloucester 27.6% 6.39%

Source: Zoopla.co.uk (May 2013)


Top 5 Areas with Smallest Asking Price Reductions

Rank Area Avg. Price Reduction (%) % of Homes on Market Reduced
1 Edinburgh 4.91% 25.1%
2 Swindon 5.27% 31.6%
3 Bedford 5.36% 29.2%
4 Milton Keynes 5.47% 30.3%
5 Derby 5.69% 33.2%

Source: Zoopla.co.uk (May 2013)

- 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
VAT Registration number: 191 2231 33
Data Protection number: Z9972266

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