Blogs

Bargainhunters should head to Preston

Alex Johnson

fa889c0678e97fcf3b6249d2fbdff7a0bcfca8ac 300x198 Bargainhunters should head to PrestonThe proportion of properties for sale across the UK that have seen their asking price reduced has fallen, according to new figures from Zoopla that suggest only 31% of properties on the market today have had their asking prices cut since first being listed, down from 40% two years ago.

The level of the reduction in asking prices has also fallen. Sellers who were discounting their properties in November 2011 did so at an average of 7.4% of the original price, now it is 6.4%.

Preston has the highest proportion of discounted properties with almost 43% of homes for sale reduced in price since coming onto the market. Yorkshire towns fill the other top 5 places with the biggest proportion of reduced-price properties on the market with Rotherham at nearly 42%, Wakefield and Barnsley at the 41% and Doncaster at 40%.

London tops the list of places with the lowest proportion of price-reduced properties (20%), followed by Bedford (25%) and then Milton Keynes (28%).

The biggest average discounts are in Liverpool, with an average current asking price reduction of 8.6% (£14,149). The smallest discounts are in Plymouth and Edinburgh, with prices dropped by 5.5% on average.

Lawrence Hall of Zoopla said: “Confidence in the property market is at its highest level since the start of the economic downturn and this is reinforced with fewer sellers feeling the pressure to lower their expectations and drop prices.

“With the typical New Year rush of buyer demand likely to be made even more acute by the boost of the second phase of the government’s Help to Buy scheme, sellers expectations could rise further in the coming months. The only thing that could upset the trend is if there is a significant rise in level of stock coming to the market.”

Top 5 Areas with Highest Proportion of Asking Price Reductions

Rank Area % of Homes on Market Reduced Avg. Price Reduction (%) Avg. Price Reduction (£)
1 Preston 42.8% 7.4% £15,736
2 Rotherham 41.6% 7.7% £11,211
3 Wakefield 41.3% 7.2% £14,348
4 Barnsley 41.2% 7.9% £11,166
5 Doncaster 40.4% 8.0% £14,431

Top 5 Areas with Biggest Asking Price Reductions

Rank Area Avg. Price Reduction (%) Avg. Price Reduction (£) % of Homes on Market Reduced
1 Liverpool 8.6% £14,149 31.0%
2 Poole 8.5% £45,897 31.3%
3 Newcastle upon Tyne 8.3% £17,985 33.5%
4 Sunderland 8.2% £11,970 35.3%
5 Blackpool 8.1% £11,853 34.9%

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 20.2% 7.8% £80,628
2 Bedford 24.8% 6.4% £20,061
3 Milton Keynes 27.7% 5.6% £15,704
4 Bournemouth 27.8% 7.3% £28,883
5 Durham 28.6% 7.5% £12,442

Top 5 Areas with Smallest Asking Price Reductions

Rank Area Avg. Price Reduction (%) Avg. Price Reduction (£) % of Homes on Market Reduced
1 Plymouth 5.5% £11,994 33.5%
2 Edinburgh 5.5% £15,962 29.6%
3 Milton Keynes 5.6% £15,704 27.7%
4 Wolverhampton 5.7% £12,752 34.0%
5 Ipswich 5.9% £15,543 33.0%

Pictured is a 4 bedroom detached house for sale for £275,000 in Sycamore Close, Fulwood, Preston, Lancashire PR2, on with Bridgfords


Property search
Browse by area

Latest from Independent journalists on Twitter