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Where have property prices been reduced most in the UK?

Alex Johnson

aec0d015d8cb60c2500fb6a3af4264ab97acc6f5 300x225 Where have property prices been reduced most in the UK?The number of properties for sale that have been reduced in price since first coming onto the market has fallen to its lowest level in almost three years, according to Zoopla, and now stands at just under 30%, down from a little over 34% a year ago.

The amount by which asking prices are being discounted on average has fallen to 6.1%, the lowest figure since November 2010.

Six of the ten areas with the biggest proportion of discounted properties are in Yorkshire, according to Zoopla (a partner of The Independent) including the top three – Rotherham (42%), Doncaster (41%) and Wakefield (40%). Barnsley has the highest average discount in the country to the original asking price at 8.6% followed by Liverpool (8.5%) and Blackpool (8.3%),

London has the lowest proportion of price reductions (24%), followed by Edinburgh (25%) which has the lowest average asking price discount in the UK at 4.9%,  and Bournemouth (26%).

How much do you need to earn to rent a flat in London
The latest research from Rentonomy suggests that peole need to be earning £38,000 to rent a one-bedroom flat in London. “Even some of the best paid young people in London cannot rent a one-bed in London by themselves,” says Director of research David Butler. “To rent the average one bed property in the city, you need an income 30 per cent higher than the UK average. When young people leave university and move to London to start their first job, only those with the starting salary of a lawyer or an investment banker will be able to afford to live by themselves. Even those with masters degrees and PhDs will find that a flat-share is the only viable option.” Their data shows that 90% of areas in London require young people to earn move than the UK average in order to rent a one-bed. The highest required earnings are in Marylebone, followed by Chelsea and Kensington.

New homes figures
Figures from the Department for Communities and Local Government show that the number of new homes started over the last three months increased by 4% over the previous three months to 27,370. At the same time, the number of completions fell by 8% to 24,900. “This is yet another set of worrying figures,” said Shelter’s chief executive Campbell Robb. “Short-term quick-fix announcements may have stolen some headlines, but the reality is a that generation’s hope for a home of their own is continuing to slip away because of our chronic shortage of affordable homes. If the government is serious about building more homes, it needs to show some leadership, whether it’s finding new capital investment, freeing up councils to borrow to build more homes, or getting garden cities off the ground. The government must use next month’s Comprehensive Spending Review to announce large-scale projects that will deliver the homes we need, or it will find it more difficult than ever to convince a priced-out generation that it’s on their side.” Annual housing starts totalled 101,920 in the 12 months to March 2013, down by 3% compared with the previous year.

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  • greggf

    “London has the lowest proportion of price reductions (24%), followed…..”

    Which means to the other western purchasers a overall reduction of some 45% or more since 2008 or so. No wonder London property is seen as a good investment by foreigners


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