Despite house prices hitting record highs, a third of properties actually go below their asking price.
So if you are a buyer looking to get money knocked off the final price of a property, how much should you offer?
Well according to property website Zoopla, the average reduction in property asking prices stands at £24,989.
Darlington tops the list for the highest proportion of reduced-price properties with almost half (45.6%) of homes in County Durham town marked down. This is followed by neighbouring South Shields and North Yorkshire’s Middlesbrough, with 43.9% and 42.5% respectively.
Seven out of the top 10 towns with the largest share of reduced prices on properties are in the North of England, with the exceptions of Eastbourne (East Sussex), Blackwood (South Wales) and Woking (Surrey), which currently also feature in sixth, ninth and tenth place.
The North of England is also home to the biggest discounts, with all the top 10 towns with the largest asking price reductions located in the region.
The market town of Stockton-on-Tees has the highest asking price reductions, with discounted properties marked down by 8% (£11,532). Hartlepool and South Shields follow in second and third place, with reductions of 7.8% and 7.7% (£13,654 and £9,323).
In London, 32.34% of properties for sale have had their asking price reduced – down slightly from 33.2% last December, with an average discount of 7.5% (£57,323), which marks a slight decline from 7.6% at the end of last year.
The borough of Merton has the greatest proportion of reduced price listings (39.0%) and the biggest price decreases can be found in the London boroughs of Kensington and Chelsea (7.6% or £135,702) and Westminster (7.2% or £124,144).
At the other end of the table, asking prices in Enfield, Swindon and Milton Keynes have been reduced the least, with discounts of 4.3% (£28,271), 4.38% (£12,101) and 4.39% (£16,303) respectively. The most resilient London borough with the lowest proportion of reduced price properties is Newham, with only 23.1% of listings for sale at a discounted rate. This is closely followed by Tower Hamlets (26.2%) and the City of London (26.4%).
Lawrence Hall, spokesperson for Zoopla, said: “Whilst 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.
“This is still good news for those looking to get onto the property ladder. With some thorough research first time buyers could be in with a better chance of spotting a bargain by filtering their property searches by ‘Most Reduced’ and set up email alerts to help them be the first to know about homes that have been discounted.”
Top 10 areas with highest proportion of asking price reductions
| Rank | Town | Reduced properties on the market (%) | Average price reduction (%) | Average price reduction (£) |
| 1 | Darlington | 45.65% | 6.9% | £10,599 |
| 2 | South Shields | 43.9% | 7.71% | £9,323 |
| 3 | Middlesbrough | 42.52% | 7.38% | £9,800 |
| 4 | Keighley | 40.35% | 6.33% | £11,447 |
| 5 | Eastbourne | 40.33% | 5.75% | £15,848 |
| 6 | Stockton-on-Tees | 39.47% | 8.04% | £11,532 |
| 7 | Barnsley | 39.45% | 6.62% | £10,885 |
| 8 | Blackwood | 39.07% | 6.76% | £12,704 |
| 9 | Woking | 38.99% | 5.79% | £37,750 |
| 10 | Great Yarmouth | 38.77% | 6.3% | £13,435 |
Source: Zoopla, 30 March 2017
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 | 8.04% | £11,532 | 39.47% |
| 2 | Hartlepool | 7.8% | £13,654 | 31.87% |
| 3 | South Shields | 7.71% | £9,323 | 43.9% |
| 4 | Bishop Auckland | 7.58% | £13,824 | 34.78% |
| 5 | Middlesbrough | 7.38% | £9,800 | 42.52% |
| 6 | Bradford | 7.27% | £11,176 | 34.68% |
| 7 | Halifax | 7.25% | £12,365 | 35.08% |
| 8 | Blackburn | 7.17% | £9,979 | 30.41% |
| 9 | Hull | 7.17% | £9,564 | 28.89% |
| 10 | Pontefract | 7.1% | £14,034 | 35.76% |
Source: Zoopla, 30 March 2017
Top 10 London boroughs with highest proportion of asking price reductions
| Rank | Borough | Reduced properties on the market (%) | Average price reduction (%) | Average price reduction (£) |
| 1 | Merton | 39.09% | 6.05% | £45,332 |
| 2 | Richmond upon Thames | 36.6% | 6.24% | £55,727 |
| 3 | Hillingdon | 35.79% | 5.04% | £33,188 |
| 4 | Hounslow | 35.6% | 6.37% | £56,667 |
| 5 | Haringey | 35.39% | 5.73% | £43,157 |
| 6 | Kingston upon Thames | 35.31% | 5.7% | £51,891 |
| 7 | Bromley | 35.31% | 5.52% | £36,349 |
| 8 | Harrow | 35.28% | 5.16% | £30,717 |
| 9 | Ealing | 35.22% | 5.84% | £45,521 |
| 10 | Hammersmith and Fulham | 35% | 6.86% | £71,795 |
Source: Zoopla, 30 March 2017
Top 10 London Boroughs with Largest Asking Price Reductions
| Rank | Borough | Average price reduction (%) | Average price reduction (£) | Reduced properties on the market (%) |
| 1 | Kensington and Chelsea | 7.65% | £135,702 | 34.17% |
| 2 | Westminster | 7.2% | £124,144 | 32.01% |
| 3 | Hammersmith and Fulham | 6.86% | £71,795 | 35% |
| 4 | Lambeth | 6.58% | £58,627 | 29.76% |
| 5 | Wandsworth | 6.41% | £75,762 | 32.81% |
| 6 | Camden | 6.41% | £81,113 | 30.97% |
| 7 | Southwark | 6.39% | £53,588 | 29.49% |
| 8 | Hounslow | 6.37% | £56,667 | 35.6% |
| 9 | City of London | 6.29% | £58,932 | 26.42% |
| 10 | Richmond upon Thames | 6.24% | £55,727 | 36.6% |
Source: Zoopla, 30 March 2017
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