TLE Property

Average reduction in asking prices at almost £25,000

By Bea Patel, TLE Property Editor and Director of Shop for an Agent

There are opportunities for buy-to-let investors to snap up property at a cheaper price. And there could be hope for first time buyers looking to save money when buying their first property. Some people are fortunate to get help from the bank of mum and dad. But Higher property prices and difficulties saving for a deposit have posed many problems for first time buyers who want to get on the property ladder.

But new research from Zoopla shows that nearly a third of properties listed for sale are reduced in price, at a reduction of £24,989. The data tracked was from 30 March 2017 and included locations that had 300 or more properties for sale.

North of England properties

Homes in the North of England saw the biggest price reductions. All top ten towns with the largest asking price reductions were in this region.

In first place was the market town of Stockton-on-Tees. It had the highest average price reduction of 8.04 per cent, with a discount of £11,532. In tenth place was Pontefract with an average price reduction of 7.1 per cent and a discount of £14,034.

Top 10 areas with the largest average asking price reductions

Rank Town Price reduced (%) Price reduced (£)
1 Stockton-on-Tees 8.04 £11,532
2 Hartlepool 7.8 £13,654
3 South Shields 7.71 £9,323
4 Bishop Auckland 7.58 £13,824
5 Middlesbrough 7.38 £9,800
6 Bradford 7.27 £11,176
7 Halifax 7.25 £12,365
8 Blackburn 7.17 £9,979
9 Hull 7.17 £9,564
10 Pontefract 7.1 £14,034

London properties

We’re aware of the increasing house prices in London, where many buyers were forced to look in the commuter-belt outside of London. Are there better opportunities to buy a home in London now?

This new research reveals that 32.34 per cent of properties for sale in London have dropped their prices. That’s an average of £57,323 less. So, what does this mean? Cheaper prices, savings and more money left in your pocket.

Out of the top ten areas in London with the largest reduction in asking prices, in first place was Kensington and Chelsea. The average reduction was 7.65 per cent, with a discount of £135,702. In tenth place was Richmond upon Thames with an average price reduction of 6.24 per cent and a discount of £55,727.

Top 10 London boroughs with the largest average asking price reductions

Rank Town Price reduced (%) Price reduced (£)
1 Kensington and Chelsea 7.65 £135,702
2 Westminster 7.2 £124,144
3 Hammersmith and Fulham 6.86 £71,795
4 Lambeth 6.58 £58,627
5 Wandsworth 6.41 £75,762
6 Camden 6.41 £81,113
7 Southwark 6.39 £53,588
8 Hounslow 6.37 £56,667
9 City of London 6.29 £58,932
10 Richmond upon Thames 6.24 £55,727

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