Zoopla: 1/3 of all UK properties being reduced to sell

The latest data from leading property website Zoopla reveals that 38% of properties on the market are being slashed in price in order to sell, representing a 5% increase since April.  This means that, on average, properties are reduced by £26,131, or 8.5% – good news for buyers, but not so good for sellers or the estate agents marketing properties.

The company revealed today that the biggest percentage reductions over the last six months have been in Bradford (7.8%) where the average discount stands at £10,738. This is closely followed by the London suburb of Mitcham (7.5%) at £47,165, and Newcastle upon Tyne (7.2%) at £13,721.

Brighton tops the ranking for the highest proportion of discounted homes, with 46.6% of properties marked down in price. The south coast town is followed by Woking at 46%, and Mitcham at 45.9%.

In the capital, 39.5% of London property listings have been reduced in price – up from 34.6% in April. The average property in the city has been discounted by £64,661, or 6.9%.

Subdued property market

Writer Annabel Dixon says that the large discounts in many regions is a sign that the property market has been subdued in recent months –  and sellers’ expectations are taking time to align, however it does mean that canny buyers can get some real bargains.

Top 10 areas with largest percentage price reductions

 

Town

Average price reduction

Average price reduction

Reduced properties on the market

1. Bradford 7.8% £10,738 37.1%
2. Mitcham 7.5% £47,165 45.9%
3. Newcastle upon Tyne 7.2% £13,721 38.6%
4. Doncaster 7% £13,915 34.5%
5. Bolton 7% £15,874 37.3%
6. London 6.9% £64,661 39.5%
7.  Chesterfield 6.8% £16,567 38.6%
8.  Blackburn 6.8%  £8,893  34.8% 
9.  Liverpool 6.8%  £13,078  28.5% 
10.  Blackpool  6.7%  £10,113  38.4% 

Top 10 areas with highest proportion of asking price reductions

 

Town

Reduced properties on the market

Average price reduction

Average price reduction

1. Brighton 46.6% 6.4% £28,122
2.  Woking  46%  6.4%  £34,845 
3.  Mitcham  45.9%  7.5%  £47,165
4.  Slough  45.8%  5.8%  £31,732 
5.   Sutton  45.4%  5.9%  £25,228 
6.   Reading  44.6%  5.9%  £26,478 
7.  Basingstoke  43.8%  5.8%  £21,866 
8.  Harrow  43.3%  6%  £29,066 
9. Twickenham  43.3%  6.7%  £44,218 
10. Croydon 43.1% 6.6% £25,615

Top 10 London boroughs with largest percentage price reductions

 

Borough

Average price reduction

Average price reduction

Reduced properties on the market

1. Kensington & Chelsea  8.2%  £127,394  39.7% 
2.  Westminster  7.9%  £126,056  39.7% 
3.  Hammersmith & Fulham  7.5%  £79,020  37.4% 
4.  Lambeth  7.4%  £63,616  43.2% 
5.  Wandsworth 7.3%  £69,690  43.5% 
6.  Camden 7%  £78,373  41.3% 
7.  Ealing  7%  £62,357  39% 
8.  Richmond upon Thames  7%  £57,171  43.4% 
9.  Merton  6.9%  £44,995  45.2% 
10.  Croydon  6.8%  £32,351  43.8% 

For more information, please visit Zoopla: https://www.zoopla.co.uk/discover/property-news/property-price-reductions-zoopla/#SDyMU3dALQrROBBU.97

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