Top 50 areas with the biggest property asking price reductions
February 8, 2012 at 10:18 AM Lawrence Hall 2 comments
Glasgow property reduced by 8.7% - Last reduced: 1st Sep 2011
According to our latest price reduction research, over a third (36.7%) of UK properties for sale currently have been reduced in price at least once since first coming onto the market. The average discount off the original asking price being offered by sellers across the UK on these homes now stands at £19,580 (7.5%).
The current average discount of £19,580 is a new high indicating that sellers have come to terms with the market realities. Pricing correctly remains key when selling a home and whilst there is a shortage of sale stock currently, buyers are more discerning and more informed than ever before. Serious sellers must do their homework and follow the advice of their agent before settling on an asking price – otherwise they may well find their property on the market for longer than they’d hoped.
The average discount on price-reduced properties on offer today is over £1,000 more than this time last year when it stood at £18,475 (7%). Homeowners have slashed huge sums from their original asking prices in an attempt to attract buyers. The total amount reduced from the asking prices of all properties currently for sale across the country stands at £2.5 billion.
Top tip: We have a unique tool on Zoopla.co.uk that lets you sort search results by those that have been most reduced in price, highlighting potential property bargains across the UK.
Price reductions in 50 key British cities/towns
| Rank | Location | % of Homes on Market Reduced | Avg. Price Reduction (%) | Avg. Price Reduction (£) |
|---|---|---|---|---|
| 1 | Glasgow | 42.73% | -9.16% | -£12,566 |
| 2 | Scunthorpe | 43.19% | -9.12% | -£13,207 |
| 3 | Blackpool | 27.45% | -8.97% | -£12,316 |
| 4 | Newcastle | 36.99% | -8.77% | -£21,823 |
| 5 | Rotherham | 44.07% | -8.62% | -£13,671 |
| 6 | Hull | 34.60% | -8.48% | -£9,674 |
| 7 | Maidstone | 35.70% | -8.46% | -£19,668 |
| 8 | Liverpool | 39.36% | -8.34% | -£14,355 |
| 9 | Bradford | 38.05% | -8.21% | -£11,675 |
| 10 | Preston | 41.60% | -8.21% | -£18,000 |
| 11 | Bolton | 29.11% | -8.11% | -£13,980 |
| 12 | Stockport | 48.74% | -8.11% | -£17,384 |
| 13 | Manchester | 36.14% | -8.10% | -£13,605 |
| 14 | Doncaster | 36.07% | -8.08% | -£14,771 |
| 15 | Warrington | 41.75% | -8.02% | -£16,339 |
| 16 | Chesterfield | 45.17% | -7.87% | -£14,028 |
| 17 | Sunderland | 41.77% | -7.76% | -£11,878 |
| 18 | Wolverhampton | 36.75% | -7.75% | -£11,418 |
| 19 | Wakefield | 43.14% | -7.58% | -£14,687 |
| 20 | Barnsley | 36.57% | -7.55% | -£10,270 |
| 21 | Nottingham | 36.23% | -7.52% | -£12,998 |
| 22 | Ipswich | 36.91% | -7.46% | -£14,086 |
| 23 | Birmingham | 41.38% | -7.44% | -£12,315 |
| 24 | Peterborough | 39.14% | -7.40% | -£13,671 |
| 25 | Wigan | 32.80% | -7.37% | -£10,157 |
| 26 | Leicester | 39.18% | -7.36% | -£14,623 |
| 27 | Coventry | 37.11% | -7.31% | -£13,213 |
| 28 | Milton Keynes | 36.42% | -7.26% | -£15,907 |
| 29 | Stoke-on-Trent | 36.25% | -7.25% | -£11,692 |
| 30 | Bournmouth | 35.81% | -7.03% | -£16,603 |
| 31 | Colchester | 38.99% | -7.02% | -£19,032 |
| 32 | Sheffield | 38.87% | -6.95% | -£13,001 |
| 33 | Leeds | 41.61% | -6.90% | -£13,304 |
| 34 | Derby | 30.75% | -6.87% | -£11,738 |
| 35 | Lincoln | 37.63% | -6.86% | -£11,108 |
| 36 | Norwich | 41.26% | -6.74% | -£15,831 |
| 37 | Poole | 38.40% | -6.60% | -£25,812 |
| 38 | Oxford | 38.58% | -6.60% | -£22,458 |
| 39 | Cardiff | 40.78% | -6.56% | -£15,518 |
| 40 | Southampton | 37.92% | -6.56% | -£16,406 |
| 41 | Croydon | 39.07% | -6.55% | -£18,561 |
| 42 | Northampton | 36.65% | -6.54% | -£13,281 |
| 43 | London | 29.53% | -6.42% | -£41,791 |
| 44 | Luton | 40.94% | -6.32% | -£12,067 |
| 45 | Plymouth | 38.01% | -6.30% | -£11,222 |
| 46 | Bedford | 41.37% | -6.26% | -£16,518 |
| 47 | Bristol | 34.94% | -6.23% | -£14,658 |
| 48 | Swindon | 41.58% | -6.20% | -£12,455 |
| 49 | York | 31.83% | -6.01% | -£17,031 |
| 50 | Chelmsford | 37.54% | -5.93% | -£20,329 |
Source: Zoopla.co.uk (February 2012)
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Entry filed under: House Prices. Tags: price reduced properties, zoopla. property for sale.
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1.
Newcastle Estate Agents | February 8, 2012 at 5:01 PM
Although I cannot comment too much on certain areas of the country I totally agree with price reductions in Newcastle. I can see more gradual reductions this year if people are serious about selling their home. On a rental note Newcastle is an area that remains very strong and will continue this way for some time yet.
Thanks
Ash
Newcastle Estate Agent
2.
cardiffliving | February 18, 2012 at 1:44 AM
Like my grandfather always said, you need money in order to make money. If you have amount of cash to play with, a recession can be an extremely fortuitous period.