The average discount on property asking prices is £23,860
27th December 2016
- A third (33.43 per cent) of properties currently on the market have been discounted
- Stockton-on-Tees, County Durham, has the largest share of reduced price properties (47.19 per cent)
- Seven of the top 10 towns with the largest property discounts are in the North of England
- Discounted properties in London have been marked down by an average of 7.61 per cent
The average reduction in property asking prices stands at £23,860, according to the latest figures from property website Zoopla. Currently, a third (33.43 per cent) of properties on the market have been marked down in price, with an average reduction of 7.76 per cent.
Regionally, excluding London, eight of the top 10 areas* with the largest share of reduced properties are in the North of England, with almost half of all properties listed in Stockton-on-Tees (47.19 per cent), Penrith (46.01 per cent) and Middlesbrough (44.96 per cent) carrying discounted asking prices. Bognor Regis is the southernmost town to feature in the top 10 with 43.51 per cent of listings in the town for sale at a reduced price.
The North of England is also home to the biggest discounts, as eight of the top 10 towns with the largest asking price reductions are located in the region. Lancashire’s Blackburn has the highest asking price reductions, with properties in the town marked down by 7.72 per cent. Pontefract and Haverfordwest in Wales come in joint fifth place, with reductions of 7.43 per cent, and the Isle of Man (7.40 per cent) and Walsall in the Midlands (7.39 per cent), complete the top 10.
In London, 33.29 per cent of properties for sale have had their asking price reduced, with an average discount of £58,498 (7.61 per cent). The borough of Richmond upon Thames has the greatest proportion of reduced price listings (39.75 per cent) and the biggest price decreases can be found in the London boroughs of Kensington and Chelsea (7.97 per cent) and Westminster (7.42 per cent).
At the other end of the table, asking prices in Northampton, Aylesbury and New Milton have been reduced the least, with discounts of 4.58, 4.60 and 4.65 per cent respectively. The most resilient London borough with the lowest proportion of reduced price properties is Newham, with only 23.44 per cent of listings for sale at a discounted rate. This is closely followed by Tower Hamlets (24.69 per cent) and Barking and Dagenham (25.24 per cent).
Lawrence Hall, spokesperson for Zoopla comments: “There has been a lot of speculation over how the property market would perform in the face of the political and economic events that have made 2016 a milestone year. However, the proportion of reduced properties, and their average discount, have remained relatively consistent over the past 12 months. This is a reassuring sign that the market remains seemingly resilient, whilst also offering those looking to get onto the property ladder in 2017 a chance to find a bit of a bargain.”
Top 10 areas of 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 (£)||Reduced properties on the market (%)||Average price reduction (%)|
|9||Isle of Man||£33,225||27.80%||7.40%|
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||39.75%||6.44%||£54,378|
|4||Kingston upon Thames||37.97%||6.13%||£57,418|
|8||Hammersmith and Fulham||36.41%||6.92%||£76,130|
Top 10 London boroughs with largest asking price reductions
|Rank||Borough||Average price reduction (£)||Reduced properties on the market (%)||Average price reduction (%)|
|1||Kensington and Chelsea||£149,153||35.11%||7.97%|
|3||Hammersmith and Fulham||£76,130||36.41%||6.92%|
|8||Richmond upon Thames||£54,378||39.75%||6.44%|
- Ends -
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