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Property price discounts hit five-year low

22nd June 2015

  • Average property for sale now only discounted by 6.05%, lowest figure since 2010
  • Rotherham has most properties (43.6%) where asking price has been reduced
  • Largest price discounts found in Blackpool, with prices slashed 9.8% on average
  • Homebuyers are finding haggling over house prices increasingly difficult with the typical British property currently reduced by just 6.05% from its original asking price – the lowest level in five years – according to property website Zoopla.

    But despite the lower discounts on offer, almost a third of properties currently on the market for sale (31%) have had their price reduced at least once since originally being listed. And that equates to over £2bn of reductions in total have been made from houses and flats currently on the market across Britain.

    The top 10 areas with the highest percentage of properties with reduced asking prices are all in the north of England, with more than two-fifths of all properties listed in Rotherham (43.6%), Preston (43.2%) and Barnsley (42.3%) having been marked down by sellers.

    In terms of the areas where the largest reductions are currently on offer, Blackpool (9.8%), Manchester (8.3%) and Bradford (7.9%) represent the best bets for bargain hunters, with London (7.4%) also featuring in the top 10. Typical discounts in the capital exceed £75,000.

    Looking at London in more detail, the neighbouring boroughs of Merton (28.7%), Richmond-upon-Thames and Croydon (both 27.3%) have the highest proportion of reduced properties for sale, but those looking for the largest reductions will find them in Havering – a borough soon to benefit from Crossrail – where the typical property price discount is 10.45%.

    At the top end of the national market, more than a fifth of properties valued over £1m have been reduced since originally coming on to the market, at an average discount of more than £185,000.

    Lawrence Hall of Zoopla comments: “Buyers may be disheartened by the decrease in the typical discounts on offer but can take cheer from the fact that almost a third of houses are listed today below their original asking price. This means that despite ever-increasing house prices, there is still room for some good, old-fashioned negotiating. On the flip side, vendors can be pretty confident of achieving close to their initial asking price. Zoopla has a unique feature on its website that allows potential buyers to track original asking prices and subsequent reductions.”

    Top 10 Areas With Highest Proportion of Asking Price Reductions

    Rank Area % of Homes on Market Reduced Average Price Reduction (%) Average Price Reduction (£)
    1 Rotherham 43.6% 7.4% £11,193
    2 Preston 43.2% 6.8% £14,235
    3 Barnsley 42.3% 7.4% £10,331
    4 Wolverhampton 41.2% 7.0% £11,236
    5 Blackpool 38.9% 9.8% £14,017
    6 Chesterfield 38.8% 6.5% £12,494
    7 Blackburn 38.6% 7.9% £12,437
    8 Wakefield 38.5% 7.2% £14,465
    9 Wirral 37.8% 6.4% £15,643
    10 Huddersfield 37.2% 6.4% £12,740
    Source: Zoopla, May 2015

    Top 10 Areas With Largest Asking Price Reductions

    Rank Area Average Price Reduction Average Price Reduction (£) % of Homes on Market Reduced
    1 Blackpool 9.8% £14,017 38.9%
    2 Manchester 8.3% £15,437 31.2%
    3 Bradford 7.9% £11,120 32.2%
    4 Blackburn 7.9% £12,437 38.6%
    5 Coventry 7.6% £17,317 31.0%
    6 Liverpool 7.5% £12,990 34.8%
    7 Pontefract 7.5% £12,254 36.9%
    8 Rotherham 7.4% £11,193 43.6%
    9 London 7.4% £75,154 23.0%
    10 Barnsley 7.4% £10,331 42.3%
    Source: Zoopla, May 2015

    Top 10 London Boroughs With Highest Proportion of Asking Price Reduction

    Rank Area % of Homes on Market Reduced Average Price Reduction (%) Average Price Reduction (£)
    1 Merton 28.7% 6.2% £44,235
    2 Richmond upon Thames 27.3% 6.7% £56,428
    3 Croydon 27.3% 8.0% £38,337
    4 Kingston upon Thames 26.7% 5.3% £44,699
    5 Hounslow 26.6% 8.9% £69,139
    6 Bromley 26.1% 8.5% £52,107
    7 Kensington & Chelsea 25.8% 7.6% £135,207
    8 Hammersmith & Fulham 25.8% 8.4% £93,086
    9 Haringey 24.8% 7.9% £65,652
    10 Sutton 24.2% 7.9% £34,912
    Source: Zoopla, May 2015

    - Ends -

    For further information, please contact PR Team on [email protected] or +44 (0)20 3873 8770.

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