Property price discounts hit 5-year low

Property price discounts hit 5-year low



Homebuyers are finding haggling over house prices increasingly difficult with the typical British property currently reduced by 6.05% from its original asking price .


Homebuyers are finding haggling over house prices increasingly difficult with the typical British property currently reduced by 6.05% from its original asking price.

The figures, which were found by Zoopla, are the lowest in five years and despite the lower discounts on offer, almost a third of properties currently on the market for sale have had their price reduced at least once since originally being listed.

The north of England was found to have the highest percentage of properties with reduced asking prices while the largest reductions currently on offer were Blackpool, Manchester and Bradford.

Lawrence Hall, of Zoopla, said: “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

 



Leave a comment


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