The average UK property now on the market has been marked down £24,947 from its original asking price, according to the latest Zoopla data.
The portal analysed listings on its website as of April and found that 32% of homes have been reduced, with the most significant discounts found on the Isle of Man, where the average price has been cut by 8.36%.
This was closely followed by Bradford and Doncaster which have seen average cuts of 8% and 7.1% respectively.
The London borough of Twickenham had the largest share of reduced price properties at 41.82%, followed by Mitcham where 41.5% of properties have had their prices cut.
Properties for sale in Enfield, Horsham and Aylesbury have been the most resistant, with asking price reductions of less than 5%
Lawrence Hall, a spokesman for Zoopla, said: “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.”
The current 32% proportion of homes with price cuts is slightly under December’s figure of 35%.
| Rank | Town | Average price reduction (£) | Reduced properties on the market (%) | Average price reduction (%) |
| 1 | Isle of Man | £41,212 | 29.91% | 8.36% |
| 2 | Bradford | £11,768 | 32.14% | 8.01% |
| 3 | Doncaster | £12,894 | 30.15% | 7.19% |
| 4 | Blackburn | £10,059 | 36.65% | 7.06% |
| 5 | Hull | £9,932 | 28.10% | 6.95% |
| 6 | Mitcham | £41,797 | 41.57% | 6.77% |
| 7 | Liverpool | £12,112 | 26.41% | 6.76% |
| 8 | Newcastle upon Tyne | £12,166 | 35.01% | 6.68% |
| 9 | London | £62,581 | 34.61% | 6.66% |
| 10 | Swansea | £15,607 | 31.85% | 6.59% |
Prices in general need to be where buyers can afford to buy.
The mortgage market review and tightening of buy to let criteria is having it’s toll on the market.
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Over value then manage the price down & blame it on market trends..never changes
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In Bradford (as I’m sure a lot of areas) agents routinely over value to ‘get the business’ a practice I hate! It’s always the vendor who suffers when their encouraged over expectations meet reality. Here’s an idea. Let’s try being honest
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