The largest increase in the number of houses reducing their asking price has been within the London commuter belt, research shows.
According to a comparison of homes that have had their prices reduced in February and August of this year, compiled by online estate agent HouseSimple, more homes within an hour of central London by train have had their sale price reduced. The top 10 cities or towns that have experienced the largest reductions in price are all located within the commuter belt.
At the top of the table is Reading, with 44% of homes having to reduce the asking price, in comparison to the February figure of 22.8%. Basingstoke experienced 16.5% more homes having to reduce the asking price, and is 50 minutes away from the capital by train.
In complete contrast, fewer homes experienced a price cut in Scotland and the North, with 14 cities or towns out of 20 having fewer price reductions in August than in February.
Over a third of homes on the market during August had reduced the asking price since they had initially been marketed by estate agents. According to the chief executive of HouseSimple, Alex Gosling, as Londoners are priced out of the property in central London, they are moving further out and taking advantage of cheaper properties and first class amenities, which includes some of the best state schools.
CeMAP qualified mortgage advisors are able to help buyers to reduce their costs even further with the most suitable mortgage for their circumstances.
