House-sellers slashing property prices, with average discount of £25,000

Good news for first-time buyers as property prices are cut

Good news for first-time buyers as property prices are cut

Thursday, April 19, 2018

Nearly a third of homes for sale across Britain have had their original asking price reduced, with the average markdown standing at nearly £25,000, according to a property website.

Zoopla said 32% of properties on the market have had the price snipped, showing a slight decrease from December 2017 when 35.33% of homes for sale had money shaved off.

The average reduction in asking prices stands at £24,947, Zoopla found.

The analysis, based on Zoopla's website, found the Isle of Man has the largest discounts - at 8.36% or (£41,212) on average.

Bradford has the next biggest reductions, with an average discount of 8.01% or £11,768, with Doncaster in third place with average discounts of 7.19% or £12,894.

Meanwhile, Twickenham in London has the largest share of reduced-price properties, with more than two fifths (41.82%) of homes on the market having had the asking price slashed.

At the other end of the spectrum, house-sellers in Enfield, Horsham and Aylesbury are particularly unlikely to shave much off their original asking prices, the research suggests.

And sellers in Glasgow, Manchester and Coventry are the least likely to be offering any discounts at all.

Lawrence Hall, a spokesman for Zoopla, said of the latest findings: "This should be welcome news for prospective first-time buyers looking to get a foot on the property ladder.

"Those seeking bargains could consider areas such as Bradford, Doncaster and Blackburn in particular, or Twickenham if you're looking to live closer to the capital."