Top 50 areas with the biggest property asking price reductions

February 8, 2012 at 10:18 AM 2 comments

Glasgow property for sale

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)

Full press release can be found here

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2 Comments Add your own

  • 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

    Reply
  • 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.

    Reply

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