Posts filed under ‘Asking Price Reductions’

Top Ten: Cut price homes for sale

Research we published recently showed that the number of homes for sale featuring a  reduced asking price was on the increase, a softening of the market that is partly seasonal, partly driven by the still weak economy and, some say, not helped by the ongoing Olympics.

Overall asking prices are being reduced by £19,000 or 7.6% and the proportion of homes on the market to have been reduced is 37%, an increase from 34% a year ago. But while the most severe discounts (on average) are in Newcastle-upon-Tyne where house sellers have had to cut their asking prices by 9.6% or £18,888 some people are going to extreme lengths to attract buyers and cutting their asking prices savagely.

We’ve tracked down the properties across the UK that have been reduced significantly since they went on the market, some by up to £50,000 and in one case by a jaw-dropping £400,000.

1. Shirley Hills, near Croydon, Surrey
First on the market for: £2.75m
Now for sale at: £2.35m
Reduction: £400,000 or 14%

Tell more more: This gorgeous six bedroom Georgian-style mansion with large and immaculately tended gardens and a three-port garage is in one of few patches of serious greenery close to London but well connected by train, to be found in the Addington hills to the east of Croydon.

2. Penthouse apartment, Formby, near Liverpool
First on the market for: £795,000
Now for sale at: £595,000
Reduction: £200,000 or 25%

Tell me more: Formby is one of Liverpool’s more upmarket seaside dormitory towns and prices locally reflect it’s popularity with the city’s more well heeled residents. This three bedroom apartment, which is on the top floor of a modern development in the centre of the town, has been lavishly furnished throughout.

3. Period-style house in the Surrey countryside
First on the market for: £1.45m
Now for sale at: £1.25m
Reduction: £200,000 or 13.7%

Tell me more: A large neo-Elizabethan house on the fringes of Addington Golf Course in the Surrey countryside between Addington and Keston. The property includes a two-port garage as large-ish garden out the back built for partying – it’s accessed from a pool room with a bar.

4. Surburban mansion, Roundhay, Leeds
First on the market for: £1.595m
Now for sale at: £1.449m
Reduction: £146,000 or 9.1%

Tell me more: If you’re after an executive home with plenty of upmarket clout in Leeds then head for Roundhay, arguably one of the city’s most  expensive and exclusive neighbourhoods. This seven bedroom mansion has been built with the region’s distinctive yellow stone and it’s owners are keen to sell, both dropping its asking price substantially and offering it up for part exchange.

5. Modern house with six bedrooms in Surrey
First on the market for: £1.895
Now for sale at: £1.795m
Reduction: £100,000 or 5.2%

Tell me more: A modern home which could be called Canadian in looks and like it North American counterparts features huge rooms and a large garden out the back. It’s in the countryside between Croydon and the Kent county border and appears to be part of trend in the area for large asking price reductions – it’s the third on our list.

6. Cute cottage, Woolpit, near Bury St Edmunds
First on the market for: £475,000
Now for sale at: £399,000
Reduction: £76,000 or 16%

Tell me more: Woolpit is a small village in the heart of the Suffolk countryside about ten miles east of Bury St Edmunds. This wobbly-beamed cottage, which has bits dating back 600- years, has four bedrooms and a glass paneled conservatory at the back.

7. Wing of a Victorian detached house, Turton, near Bolton
First on the market for: £475,000
Now for sale at: £399,950
Reduction: £76,000 or 16%

Tell me more: This mid-Victorian property in upmarket Chapeltown on the northern fringes of Bolton in Manchester is one of three properties created within this four-storey detached house during the early noughties. This ‘wing’ includes four bedrooms and a small orangery-cum-dining room.

8. Terraced side street home, Hatfield, Hertfordshire
First on the market for: £595,000
Now for sale at: £525,000
Reduction: £70,000 or 11.7%

Tell me more: If you like living on an unspoilt winding street packed with mid-Victorian homes then this four-bedroom family home is ideal. Within Hatfields’ old heart close to the railway station, it should have been snapped up by a London commuter.

9. Seaside house, Deal, Kent
First on the market for: £475,000
Now for sale at: £425,000
Reduction: £50,000 or 10.5%

Tell me more: Deal is one of the south coast’s forgotten seaside paradises. It’s whitewash stuccoed esplanade’s properties arebeautiful enough but the sea, which washes up close to the coastal road running along it, makes for an eyeful at high tide. This four bedroom terraced house on the seafront has been tastefully decorated and would make an ideal holiday home.

10. Two-property equine estate near Kings Lynn
First on the market for: £650,000
Now for sale at: £600,000
Reduction: £50,000 or 7.6%

Tell me more: You might expect this property to have been snapped up, or should we say be a galloping sales success. t’s near the area’s fashionable (and celebrity rich) town of Downham Market plus the price includes a period farmhouse, a 1970s bungalow, several barns, more outbuildings than it’s practical to list here, an outdoor school and several stables.

August 29, 2012 at 11:29 AM Leave a comment

Top 50 areas with highest proportion of asking price reductions

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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May 15, 2012 at 3:00 PM 1 comment

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