Top 50 areas with highest proportion of asking price reductions

May 15, 2012 at 3:00 PM Lawrence Hall 1 comment

Reduced by 12.5% – 4 bedroom barn conversion for sale in Hereford

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 (£)
1	Rotherham	43.9	8.6	£12,898
2	Swansea	42.51	8.32	£14,254
3	Barnsley	41.58	7.62	£10,238
4	Luton	41.3	6.33	£11,698
5	Croydon	40.62	7.8	£17,870
6	Warrington	40.59	7.53	£14,494
7	Wakefield	40.56	7.73	£14,507
8	Ipswich	40.16	6.2	£12,776
9	Romford	39.94	7.45	£21,917
10	Birmingham	39.93	7.76	£11,810
11	Oxford	39.37	6.54	£23,228
12	Leicester	38.94	7.44	£13,697
13	Colchester	38.77	7.08	£17,144
14	Chelmsford	38.67	6.83	£21,359
15	Northampton	38.67	6.15	£12,326
16	Bradford	38.13	8.3	£12,116
17	Doncaster	37.9	8.31	£14,119
18	Leeds	37.67	7.1	£13,418
19	Chesterfield	37.66	7.79	£12,581
20	Norwich	37.58	6.69	£15,146
21	Cardiff	37.49	6.82	£15,105
22	Glasgow	37.18	8.25	£12,110
23	Coventry	37.11	7.12	£13,072
24	Wigan	36.08	7.85	£12,273
25	Sheffield	35.67	6.97	£11,871
26	Bournemouth	35.63	7.44	£19,175
27	Poole	35.28	8.08	£29,597
28	Milton Keynes	35.17	6.15	£13,096
29	Plymouth	35.05	6.05	£11,267
30	Derby	34.79	6.28	£11,384
31	Bristol	34.72	6.11	£13,934
32	Wolverhampton	34.68	7.44	£11,056
33	Nottingham	34.64	7.35	£12,296
34	Liverpool	34.27	9.24	£14,031
35	Southampton	34.22	7.09	£15,982
36	Manchester	33.35	7.88	£13,013
37	Newcastle	33.11	11.11	£22,151
38	Hull	32.82	8.28	£9,453
39	Bolton	32.29	7.47	£13,015
40	Stockport	31.54	7.4	£17,512
41	Lincoln	30.44	7.14	£11,622
42	Mansfield	30.27	7.5	£10,004
43	London	30.11	7.17	£36,433
44	Stoke-on-Trent	29.62	7.69	£10,999
45	Preston	29.19	6.95	£13,862
46	Reading	28.34	5.86	£19,181
47	Sunderland	27.97	8.41	£12,247
48	York	27.61	6.12	£15,288
49	Peterborough	27.3	7.46	£13,857
50	Blackpool	26.71	7.28	£9,736

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