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Increase in Properties with Reduced Asking Prices
New analysis by property website Zoopla has revealed that over a third (34%) of properties on the market have had their asking prices reduced, which is an increase of 2.5% since March.
However, the figures also show that the average discount now stands at 8.1% (£24,823) – slightly less than when the figures were reviewed last quarter (£24,989).
Zoopla analysed property listings live on the website last month to establish the proportion of homes with asking price reductions. It found that Kingston-upon-Thames tops the list with nearly half (48%) of homes in the town marked down, closely followed by neighbouring Surbiton (47%) and coastal Southsea (46%).
Scotland, on the other hand, appears to be more resilient, with only 12% of homes in the capital city of Edinburgh carrying a price reduction. Salford and Glasgow closely follow with 17.6% and 20% respectively.
Over a third (36.7%) of London property listings have apparently seen a price reduction – up from 32% in March – with an average discount of 7.2% (£52,457). Leafy Richmond-upon-Thames is home to the greatest proportion of discounted properties (45.1%), whilst in the east of the capital, Newham has the smallest share (28% per cent). Kensington and Chelsea remains the most discounted London borough in value terms (7.8% – up from 7.7% in March this year), while properties in Bexley have been discounted the least (5%).
“There has been an increase in the number of reduced properties on the market since earlier this year, which is good news for first time buyers trying to get onto the property ladder,” commented Lawrence Hall, spokesperson for Zoopla. “Those looking to scout out a bargain should consider looking in County Durham, home to Stockton-on-Tees and Bishop Auckland, some of the biggest discounters.”
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