Homebuyers could grab themselves a bargain as many sellers dramatically cut their asking prices. What's happening in your area?
Sellers are accepting offers of up to 10% below listing price in a bid to attract buyers, according to property website Zoopla.
The average discount on the original asking price of a property is now more than £25,000 - up nearly £4,000 since January.
And it seems these reductions are widespread, with almost a third of homes listed for sale on the site having had their asking price reduced at least once.
Where to find cheaper properties
According to Zoopla, Barnet in north London is where buyers can find the biggest discount, with the average reduction a whopping £120,969. Coventry has seen the second biggest drop - albeit a far more moderate one - at £27,320.
For the best bargains, you’re better off looking further north as a whopping eight out of the 10 highest reductions are found here. Almost half of all properties listed in St Helens (43.7%), Hartlepool (42.5%) and Middlesbrough (40%) are currently marked down.
|
Area |
Average price reduction |
Average price reduction (£) |
Percentage of reduced homes on the market (%) |
|
Barnet |
10.82% |
£120,969 |
24.70% |
|
Coventry |
10.43% |
£27,320 |
24.20% |
|
Salford |
10.39% |
£16,634 |
11.09% |
|
Haverfordwest |
10.14% |
£25,208 |
38.10% |
|
Blackpool |
9.59% |
£15,202 |
32.35% |
|
Bishop Auckland |
9.58% |
£14,391 |
37.79 |
|
Hull |
8.95% |
£11,889 |
26.98% |
|
Hartlepool |
8.90% |
£14,334 |
42.47% |
|
Oxford |
8.71% |
£39,890 |
29.25% |
|
Romford |
8.49% |
£36,529 |
21.03% |
Source: Zoopla
One in three properties in the swanky Kensington and Chelsea area have also cut house prices, suggesting they may have been overvalued by estate agents.
Northampton, Milton Keynes and Maidenhead have seen the smallest reductions at £12,340, £14,478 and £25,175 respectively.
Lawrence Hall, a spokesman for Zoopla, said: "The rise in the average discount to more than £25,000 should be welcome news for aspiring home owners looking to get a foot onto the property ladder.
"Despite increasing house prices across the country, there's clearly still space for negotiation."
Make sure the area is right for you
If you’re planning a major move, it shouldn’t be all about house prices. Visit the area multiple times, stay there overnight if you can, speak to the neighbours and do plenty of research before you decide on somewhere to settle.
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