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Third of homes for sale have dropped asking prices by £25k

Written by: Lana Clements
Third of homes for sale have dropped asking prices by £25k

One in three home sellers have dropped an average of £25,562 from the asking price, as discounts for buyers increase, according to Zoopla.

Property prices in London have been marked down by an average of £53,251– with sellers in Kensington and Chelsea giving the biggest mark-downs at a typical £129,559, data from the property site showed.

More than half of properties for sale in Camberley, Kingston-upon-Thames and Richmond have reduced price-tags, with the areas seeing the largest share of discounts.

But the biggest falls, as a proportion of the asking price, are in Stockton-on-Tees with a typical 8.37% knocked off, working out at an average £13,350.

Both the amount of homes with reduced asking prices and the sizes of the discounts have increased since July, according to Zoopla.

Overall, properties in Scotland and Northern England have seen the smallest discounts with only 15.73% of homes in Edinburgh with reduced asking prices, while the situation in Salford is similar.

First-time buyer opportunities

Lawrence Hall, spokesperson for Zoopla, said: “A slight rise in levels of discounting is to be expected at this time of year when house-hunters are likely to be delaying their property search until activity picks up in January.

“Those on the look-out for a bargain should consider looking in Camberley or Kingston-upon-Thames in the South, or areas of the North East; home to some of Britain’s biggest discounts.”

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