Over a third of properties on the market have had their asking prices reduced since being put up for sale, spelling good news for first-time buyers eager to get on the property ladder.
According to research by property website Zoopla, the average UK property has had £24,823 shaved off its price since it was first on the market.
Zoopla analysed property listings live on the website last month to establish the proportion of homes with asking price reductions.
Kingston-upon-Thames tops the list with 48% of homes in the town marked down. This is closely followed by neighbouring Surbiton at 47% and coastal Southsea 46%.
However, Scotland appears to be more resilient with only 12% of homes in the capital city of Edinburgh carrying a price reduction.
Manchester’s Salford and Scotland’s Glasgow closely follow with 17.5% and 20%, respectively.
The north of England boasts some of the biggest discounts, with eight northern towns featuring in the top 10.
The market town of Stockton-on-Tees has witnessed the largest asking price reductions, with properties marked down by £13,108.
Bishop Auckland and Accrington place in second and third with reductions of £11,224 and £9,736, respectively.
Over a third of London property listings have seen a price reduction with an average discount of £52,457.
Leafy Richmond-upon-Thames is home to the greatest proportion of discounted properties at 45%, whilst in the east of the capital, Newham has the smallest share at 28%.
Lawrence Hall, spokesperson for Zoopla, said: “There has been an increase in the number of reduced properties on the market since earlier this year, which is good news for first-time buyers trying to get onto the property ladder.
“Those looking to scout out a bargain should consider looking in County Durham, home to Stockton-on-Tees and Bishop Auckland, some of the biggest discounters.”
Top 10 areas with largest asking price reductions
| Rank | Town | Average price reduction (%) | Average price reduction (£) | Reduced properties on the market (%) |
| 1 | Stockton-on-Tees | 7.87% | £13,108 | 43.22% |
| 2 | Bishop Auckland | 7.80% | £11,224 | 39.05% |
| 3 | Accrington | 7.77% | £9,736 | 30.50% |
| 4 | Rotherham | 7.65% | £9,665 | 37.61% |
| 5 | Hartlepool | 7.64% | £11,502 | 38.25% |
| 6 | Isle of Man | 7.62% | £34,499 | 29.34% |
| 7 | Halifax | 7.61% | £13,426 | 31.49% |
| 8 | Middlesbrough | 7.57% | £11,256 | 39.39% |
| 9 | Darlington | 7.41% | £10,604 | 45.52% |
| 10 | Kingston-upon- Thames | 7.35% | £78,625 | 48.14% |
Source: Zoopla, 31st July 2017
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