More than a third of homes have had their price slashed

More than one in three homes have seen their price slashed since they first came to the market – and by a slightly bigger amount than in the summer, new figures suggest.

Some 35.3 per cent of homes up for sale had their asking price reduced in November, with the average discount rising to £25,562, according to analysis by property website Zoopla

And reflecting the struggling property market in London and the South East, the biggest reductions were found there – with commuter belt towns of Camberley, Kingston-upon-Thames, Watford and Mitcham, taking four of the top five spots for discounts. 

The average discount was about £740 more than in July this year, a slight increase of just over 0.5 per cent.

The Surrey town of Camberley saw the largest share of discounted homes for sale, with over half properties (53.5 per cent) for sale marked down from the original price.

Nearby Kingston-upon-Thames and Richmond-upon-Thames have the second and third highest proportion of discounted properties, at 51.31 per cent and 50.52 per cent respectively.

In London, 39.45 per cent of property listings have seen a price reduction, up from 36.67 per cent in July.

Due to high house prices, expensive London areas such as Kensington and Chelsea have seen more than £100,000 cut from the asking price of homes on average – equating to a discount of about 7.5 per cent.

However, the town with most heavily discounted homes percentage wise was Stockton-on-Tees, where properties saw their price slashed by 8.4 per cent, although due to lower house prices that equated to a considerably less than average £13,350.

Zoopla, which analysed property listings of 196 British towns and 33 London boroughs in its website, said the reductions were good news for first-time buyers trying to get on the property ladder. 

‘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,’ said Lawrence Hall, spokesperson for Zoopla.

‘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,’ he added.

Darlington and Bishop Auckland saw some of the biggest discounts, with homes in the North Eastern towns having their asking price slashed by about 7.8 per cent, or an average price reduction of £12,285 and £10,573 respectively.

Prices appear to be holding more firmly in parts of Scotland and Northern England.

Just 15.73 per cent of homes for sale in Edinburgh have been reduced in price, while Salford), Glasgow and Manchester follow closely behind with discounts between 17 per cent and 24 per cent.

The London boroughs with the largest asking price reductions was Kensington and Chelsea

In London, 39.45 per cent of property listings have seen a price reduction, up from 36.67 per cent in July.

The London boroughs with the largest asking price reductions was Kensington and Chelsea, home to some of the UK’s most expensive properties, followed closely by Westminster.

Sellers in these two boroughs had to slash their prices by about 7.5 per cent, or by over £110,000 in cash terms, according to research.