Where to Find the Biggest Property Price Reductions

Where to Find the Biggest Property Price Reductions

More than a third of British properties have been slashed in price – by an average of £26,131, or 8.5%.

According to the latest data from Zoopla, 38% of properties on the market have been reduced in price. That’s a 5% increase since April.

The biggest percentage reductions over the last six months have been in Bradford (7.8%) where the average discount stands at £10,738. This is closely followed by the London suburb of Mitcham (7.5%) at £47,165, and Newcastle upon Tyne (7.2%) at £13,721.

Brighton tops the ranking for the highest proportion of discounted homes, with 46.6% of properties marked down in price. The south coast town is followed by Woking at 46%, and Mitcham at 45.9%.

In the capital, 39.5% of London property listings have been reduced in price – up from 34.6% in April. The average property in the city has been discounted by £64,661, or 6.9%.

Want to know more? These tables show the nitty-gritty…

Top 10 areas with largest percentage price reductions

Town

Average price reduction

Average price reduction

Reduced properties on the market

1. Bradford 7.8% £10,738 37.1%
2. Mitcham 7.5% £47,165 45.9%
3. Newcastle upon Tyne 7.2% £13,721 38.6%
4. Doncaster 7% £13,915 34.5%
5. Bolton 7% £15,874 37.3%
6. London 6.9% £64,661 39.5%
7. Chesterfield 6.8% £16,567 38.6%
8. Blackburn 6.8% £8,893 34.8%
9. Liverpool 6.8% £13,078 28.5%
10. Blackpool 6.7% £10,113 38.4%

Top 10 areas with highest proportion of asking price reductions

Town

Reduced properties on the market

Average price reduction

Average price reduction

1. Brighton 46.6% 6.4% £28,122
2. Woking 46% 6.4% £34,845
3. Mitcham 45.9% 7.5% £47,165
4. Slough 45.8% 5.8% £31,732
5. Sutton 45.4% 5.9% £25,228
6. Reading 44.6% 5.9% £26,478
7. Basingstoke 43.8% 5.8% £21,866
8. Harrow 43.3% 6% £29,066
9. Twickenham 43.3% 6.7% £44,218
10. Croydon 43.1% 6.6% £25,615

Top 10 London boroughs with largest percentage price reductions

Borough

Average price reduction

Average price reduction

Reduced properties on the market

1. Kensington & Chelsea 8.2% £127,394 39.7%
2. Westminster 7.9% £126,056 39.7%
3. Hammersmith & Fulham 7.5% £79,020 37.4%
4. Lambeth 7.4% £63,616 43.2%
5. Wandsworth 7.3% £69,690 43.5%
6. Camden 7% £78,373 41.3%
7. Ealing 7% £62,357 39%
8. Richmond upon Thames 7% £57,171 43.4%
9. Merton 6.9% £44,995 45.2%
10. Croydon 6.8% £32,351 43.8%

 

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