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UK property price discounts reach highest level in 2 years

30th November 2011

  • 2 out of 5 UK properties currently on the market have been reduced in price
  • Average asking price reduction reaches highest level in 2 years at £19,500
  • Biggest price reductions in Glasgow as sellers knock 9% off asking prices
  • Highest proportion of discounts in Sunderland with 54% of asking prices cut

Over 40% of all UK properties currently on the market for sale have experienced at least one price reduction, as sellers try to entice buyers in a struggling housing market. And the average discount off the original asking price has reached a new high at over £19,500, according to property website Zoopla.co.uk.

The amount by which sellers have reduced their price expectations has risen significantly over the past 12 months, with the average property now being discounted by £3,500 more than this time last year. Last November, amongst those homes that had been reduced in price, the average price reduction was 6.1%. Today that figure stands at 7.4% which represents a combined discount of over £5 billion off the initial asking prices as sellers become both more realistic and more desperate to close a sale by the end of the year.

Glasgow tops the list of towns where the biggest discounts are on offer with the average reduction in the city currently standing at 9.1% (£12,881). Newcastle and Bolton follow closely with asking prices currently discounted by an average of 8.9% and 8.8% respectively. All but one of the top ten areas with the highest price reductions are in the North, where the number of sellers reducing their asking price is also the highest. Sunderland tops the list of towns with the highest proportion of properties on the market that have been discounted at least once with more than half (53.6%) of sellers there having to reset their expectations downwards at least once.

Whilst the London property market continues to demonstrate its resilience with the lowest proportion of price-reduced homes in the UK, nearly a third (32.6%) of properties for sale in the capital have had to be reduced in price indicating that London is not entirely immune from the conditions being felt around the rest of the country.

Nicholas Leeming, business development director of Zoopla.co.uk, commented: “With the current economic uncertainty and difficulty buyers face in finding funding, it is no wonder that sellers are having to reduce prices in order to encourage sales. And with the latest economic forecasts for 2012 looking decidedly gloomy, sellers may have to reduce their expectations further if they are serious about making a move.”

Top 10 Areas with Biggest Asking Price Reductions

Rank Area Avg. Price Reduction (%) Avg. Price Reduction (£) % of Properties Reduced
1 Glasgow -9.05% -£12,881 44.73%
2 Newcastle -8.86% -£21,769 42.64%
3 Bolton -8.82% -£14,126 39.20%
4 Sunderland -8.47% -£12,038 53.62%
5 Hull -8.40% -£10,044 37.79%
6 Liverpool -8.37% -£14,215 40.75%
7 Ashford -8.23% -£22,849 41.82%
8 Doncaster -8.22% -£14,067 48.48%
9 Rotherham -8.18% -£12,780 45.92%
10 Wigan -8.12% -£11,114 50.52%

Source: Zoopla.co.uk (November 2011)


Top 10 Areas with Highest Proportion of Asking Price Reductions

Rank Area % of Properties Reduced Avg. Price Reduction (%) Avg. Price Reduction (£)
1 Sunderland 53.62% -8.47% -£12,038
2 Stockport 51.60% -7.77% -£16,714
3 Wigan 50.52% -8.12% -£11,114
4 Chesterfield 50.11% -7.86% -£12,842
5 Doncaster 48.48% -8.22% -£14,067
6 Ipswich 48.39% -6.71% -£13,680
7 Norwich 46.05% -6.74% -£15,325
8 Leeds 45.95% -6.79% -£12,570
9 Rotherham 45.92% -8.18% -£12,780
10 Wolverhampton 45.67% -7.53% -£10,985

Source: Zoopla.co.uk (November 2011)


Top 10 Areas with Smallest Asking Price Reductions

Rank Area Avg. Price Reduction (%) Avg. Price Reduction (£) % of Properties Reduced
1 Croydon -5.76% -£14,640 41.52%
2 Swindon -5.84% -£12,990 42.72%
3 Chelmsford -5.91% -£21,125 40.44%
4 Bedford -6.07% -£15,571 36.48%
5 Cardiff -6.12% -£15,739 41.19%
6 Luton -6.13% -£12,509 40.19%
7 York -6.16% -£17,107 36.34%
8 Poole -6.37% -£23,445 43.39%
9 Plymouth -6.39% -£11,600 42.29%
10 Southampton -6.42% -£15,693 42.36%

Source: Zoopla.co.uk (November 2011)


Top 10 Areas with Lowest Proportion of Asking Price Reductions

Rank Area % of Properties Reduced Avg. Price Reduction (%) Avg. Price Reduction (£)
1 London 32.57% -6.43% -£41,166
2 Derby 33.98% -7.02% -£12,757
3 York 36.34% -6.16% -£17,107
4 Bedford 36.48% -6.07% -£15,571
5 Milton Keynes 36.67% -7.57% -£16,754
6 Hull 37.79% -8.40% -£10,044
7 Bolton 39.20% -8.82% -£14,126
8 Peterborough 39.54% -7.36% -£13,380
9 Stoke on Trent 39.74% -7.34% -£11,514
10 Bristol 39.79% -6.45% -£15,018

Source: Zoopla.co.uk (November 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.

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
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