Top 50 areas with highest proportion of asking price reductions
Our latest property asking price reduction research reveals that, despite some of the recent gloom in the housing market, the number of properties for sale in Britain that have been reduced in price since coming onto the market has actually fallen over the last three months. The average asking price discount has also fallen, despite the changes to stamp duty land tax (SDLT) in March.
One third (34%) of properties currently for sale have been reduced in price since first coming onto the market – down from 37% in February. The average discount on the original asking price has fallen by more than £500 over the same period. Average asking price reductions now stand at £19,012 (7.5%).
The drop in proportion and size of asking price discounts has emerged despite the re-introduction of stamp duty for first time buyers and the introduction of the 7% stamp duty tax on properties sold at over £2m.
The total amount knocked off the original asking prices of all properties currently for sale across the country stands at £2.9 billion, with £1.3 billion in reductions in London alone.
Newcastle tops the list of places where the biggest discounts are currently being offered by sellers with average reductions of 11.1% (£22,151). Sellers in Liverpool have also made large concessions, knocking 9.2% (£14,031) off their original asking prices on average.
Rotherham has the highest proportion of discounted properties for sale with 43.9% of sellers having cut their asking prices at least once. Other areas with a high proportion of asking price reductions include Swansea (42.5%) and Barnsley (41.6%).
So, when looking for property for sale or property to rent on Zoopla, don’t forget we offer a unique facility that allows you to sort your property search results by those that have been most reduced in price, highlighting potential property bargains!
Top 50 Areas with Highest Proportion of Asking Price Reductions
|Rank||Location||% of Homes on Market Reduced||Avg. Price Reduction (%)||Avg. Price Reduction (£)|
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