Property hotspots where asking prices have been slashed

Published by Hannah Nemeth on 11 May 2016.
Last updated on 11 May 2016

More than a quarter (29%) of properties on the market across the UK have had their asking prices cut at least once since going on the market, property website Zoopla reveals.

Sellers in the capital are also offering their home at discount prices, with an average of 7.8% off the asking price – more than the UK average of 6.9%. 

If you’re looking for a bargain, the largest price cut can be found in Barnet, north London, where asking prices are down by 10.8% or £120,969. This is followed by Coventry and Salford, where asking prices are down 10.4% in both towns.

But house buyers will have the biggest choice of cut-price properties if they head up north, with eight out of the 10 areas with the biggest cuts in asking prices in this area. In St Helens, in Merseyside, almost half (47%) of properties on the market have had their asking prices slashed. It is followed by Hartlepool (42.5%) and Middlesbrough (40%).

If you’re looking in central London, a third of properties in Kensington and Chelsea have reduced asking prices – it tops the list of 10 London boroughs with the most asking price reductions. Hammersmith and Fulham comes a close second at 32% and Kingston upon Thames has 30% of houses with discounted prices.

However, these areas are pricey. If you’re looking for a bargain in London, head to Enfield, which tops the list of 10 London boroughs with the largest asking price reduction. Prices in the borough are 8.4% lower, so down £53,052, with 23% of homes for sale in the area offering discounted asking prices.

Unsurprisingly, the upper end of the market has also seen asking prices fall. Almost a quarter (24%) of properties with an asking price of over £1 million have seen their asking prices cut, with an average discount of almost £180,000.

Lawrence Hall of Zoopla says: “The rise in the average discount to over £25,000 should be welcome news for aspiring homeowners looking to get a foot onto the property ladder.

“Despite increasing house prices across the country, there’s clearly still space for negotiation, and doing your research to find the best deal is definitely still worth the time.”

Top 10 areas with highest proportion of asking price reductions

Area

% of homes on market reduced

Averageprice reduction (%)

Average price reduction(£)
St Helens 43.7% 6.45% £8,921
Hartlepool 42.47% 8.9% £14,334
Middlesbrough 40.08% 7.66% £12,799
Wigan 39.8% 6.41% £10,641
Wakefield 39.46% 6.75% £14,779
Great Yarmouth 39.23% 7.21% £15,591
Darlington 38.92% 6.88% £11,730
Preston 38.15% 6.53% £14,252
Haverfordwest 38.1% 10.14% £25,208
Halifax 38.09% 7.23% £14,199

Source: Zoopla, April 2016

 

Top 10 areas with biggest reductions in asking prices

Area Average price reduction (%) Average price reduction (£) % of homes on market reduced
Barnet (town) 10.82% £120,969 24.7%
Coventry 10.43% £27,320 24.2%
Salford 10.39% £16,634 11.09%
Haverfordwest 10.14% £25,208 38.1%
Blackpool 9.59% £15,202 32.35%
Bishop Auckland 9.58% £14,391 37.79%
Hull 8.95% £11,889 26.98%
Hartlepool 8.9% £14,334 42.47%
Oxford 8.71% £39,890 29.25%
Romford 8.49% £36,529 21.03%

Source: Zoopla, April 2016

 

Top 10 areas with smallest reductions in asking prices

Area Average price reduction (%) Average price reduction (£) % of homes on market reduced
Northamption 4.53% £12,340 24.56%
Milton Keynes 4.58% £14,478 21.54%
Maidenhead 4.73% £25,175 27.26%
Harrow 4.79% £24,886 21.67%
Wembley 5.05% £27,191 19.87%
Bridgend 5.14% £8,580 34.04%
Ipswich 5.25% £13,785 32.62%
Worcester 5.39% £13,915 32.2%
King's Lynn 5.63% £16,789 30.93%
Paignton 5.66% £12,431 26%

Source: Zoopla, April 2016

 

Top 10 areas with lowest proportion of asking price reductions

Area % of homes on market reduced Average price reduction (%) Average price reduction(£)
Salford 11.09% 10.39% £16,634
Edinburgh 12.27% 7.1% £18,836
South Croydon 17.93% 5.76% £22,525
Croydon 18.55% 5.83% £22,539
Wembly 19.87% 5.05% £27,191
Edgeware 20.35% 7.11% £35,137
Romford 21.03% 8.49% £36,529
Sutton 21.15% 6.88% £34,806
Clacton-on-Sea 21.39% 7.28% £13,057
Milton Keynes 21.54% 4.58% £14,478

Source: Zoopla, April 2016

 

Top 10 London boroughs with largest asking price reductions

Area Average price reduction (%) Average price reduction (£) % of homes on market reduced
Enfield 8.4% £53,052 23.21%
Kensington and Chelsea 7.95% £137,421 33.26%
Barnet (borough) 7.92% £84,236 24.39%
Havering 7.92% £35,955 21.64%
Islington 7.83% £73,274 24.7%
Westminster 7.77% £130,312 29.51%
Hounslow 7.76% £62,746 27.24%
Hackney 7.69% £58,464 22.24%
City of London 7.67% £72,220 21.09%
Croydon 7.63% £38,375 24.17%

Source: Zoopla, April 2016

 

Top 10 London boroughs with highest proportion of asking price reduction

Area % of homes on market reduced Average price reduction (%) Average price reduction(£)
Kensington and Chelsea 33.26% 7.95% £137,421
Hammersmith and Fulham 31.99% 7.23% £81,460
Kingston upon Thames 29.7% 6.54% £57,838
Merton 29.54% 6.6% £51,676
Westminster 29.51% 7.77% £130,312
Wandsworth 29.08% 6.74% £79,196
Richmond upon Thames 27.51% 6.72% £57,311
Camden 27.45% 7.25% £94,671
Lambeth 27.41% 6.91% £67,581
Hounslow 27.24% 7.76% £62,746

Source: Zoopla, April 2016

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