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Where are asking prices for homes discounted most?

Alex Johnson

ced1ad4e0230e9968a3dee98e9aa636424f3e6d8 300x199 Where are asking prices for homes discounted most? Research released today by property website Zoopla reveals that the number of properties available for sale that have been discounted and the amount of the discount offered from the original asking price have both fallen sharply over the past year.

The proportion of properties on the market in the UK with an asking price that has been reduced at least once has fallen from 37% one year ago to 32% now. And the average discount to the original asking price has dropped from 7.6% last August to 6.3%.

All of the top 10 areas with the highest proportion of discounted properties are in the North as are nine of the top 10 areas with the biggest discounts on offer – 42.7% of properties currently for sale in Barnsley have had their asking price reduced at least once since being put on the market, with Rotherham (42.3%) and Wakefield (42.1%) close behind.

London continues to have the lowest proportion of discounted properties on the market with less than a quarter (22.8%) of properties for sale in the capital having seen their asking price reduced since being listed for sale. Edinburgh (27.7%) has the second lowest proportion of price-reduced properties on the market currently, followed by Wolverhampton (29%). Poole has the biggest average discount in the UK today, currently standing at 9.9%.

Lawrence Hall of Zoopla said: “A fall in the proportion and level of asking price discounts suggests sellers are feeling more confident and happy to wait it out to achieve their target asking price. First-time buyers are finally getting a look-in due to improved mortgage availability which in turn is lifting the whole market. Banks, sellers and buyers are all more bullish about the state of the economy, which bodes well for the months ahead. And the Bank of England’s forward guidance on interest rates has generated a greater sense of certainty about the future, which should lead to even more activity.”

Top 5 Areas with Highest Proportion of Asking Price Reductions

Rank Area % of Homes on Market Reduced Avg. Price Reduction (%) Avg. Price Reduction (£)
1 Barnsley 42.7% 8.1% £11,663
2 Rotherham 42.3% 7.4% £10,941
3 Wakefield 42.1% 7.2% £14,029
4 Wigan 40.8% 7.5% £11,969
5 Sunderland 40.2% 8.0% £12,157

Top 5 Areas with Biggest Asking Price Reductions

Rank Area Avg. Price Reduction (%) Avg. Price Reduction (£) % of Homes on Market Reduced
1 Poole 9.9% £51,835 29.3%
2 Liverpool 8.2% £13,664 37.8%
3 Doncaster 8.2% £14,186 39.1%
4 Barnsley 8.1% £11,663 42.7%
5 Bolton 8.1% £14,945 34.1%

Top 5 Areas with Lowest Proportion of Asking Price Reductions

Rank Area % of Homes on Market Reduced Avg. Price Reduction (%) Avg. Price Reduction (£)
1 London 22.8% 7.3% £66,575
2 Edinburgh 27.7% 5.3% £14,722
3 Wolverhampton 29.1% 5.4% £12,064
4 Bournemouth 29.1% 7.5% £27,754
5 Poole 29.3% 9.9% £51,835

Top 5 Areas with Smallest Asking Price Reductions

Rank Area Avg. Price Reduction (%) Avg. Price Reduction (£) % of Homes on Market Reduced
1 Edinburgh 5.3% £14,722 27.7%
2 Swindon 5.3% £10,665 32.9%
3 Ipswich 5.4% £13,677 37.7%
4 Wolverhampton 5.4% £12,064 29.0%
5 Milton Keynes 5.5% £14,935 30.0%

Pictured is a four bedroom semi-detached new house in Hoyle Mill Road, Barnsley, for sale at £149,995 with Barratt, originally priced at £184.995 in November last year.

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  • http://www.clawroofingspecialists.ca/ Cathie

    this is all good news, as the world really seemed tilted for a while

  • http://www.westridgefinehomes.com/ West Ridge Fine Homes

    very informative, thank you for the list


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