Almost a third of property prices slashed

May 5, 2017 by Brendan O'Neill

House Prices

According to data released by Zoopla, almost a third of properties for sale on its website have had their prices reduced.

This is good news for first time buyers, especially as the average discount is around £25,000. Most of the discounted properties are in Darlington, where 45.6% have had a price reduction. Zoopla’s figures indicate that the property discounts are highest in London, where Westminster property has an average discount of £124,144, and Kensington and Chelsea has an average reduction of £135,702.

The property website tracked the reductions in prices, which had been made since the end of March, at locations with over 300 properties for sale. Since that time, 31.6% of homes had been reduced at an average of £24,989, which is an increase of 0.66% since the end of 2016. The average price reduction last year had been just over £25,000.

Zoopla reports that the biggest reductions are in the north of England, with the top ten locations being situated there. Lawrence Hall, spokesperson for Zoopla, stated:

“While the number of properties on the market with a price reduction has remained flat since December, those that have been discounted have seen a bigger reduction since the end of last year. So there’s still good news for those looking to get onto the property ladder.”

First time buyers hoping to snap up a bargain may want to seek advice from a CeMAP qualified mortgage adviser, who will be able to find the most suitable mortgage product for them.