More than a third of properties currently on the market have had their asking price reduced at least once, according to latest figures from Zoopla.
The property website says 34.08 per cent of homes listed for sale have been reduced in price, up 2.48 per cent compared to six months ago and six per cent since the start of 2016.
The average discount is 8.08 per cent, or £24,823, suggesting homeowners are overpricing their properties when listing them.
Biggest reductions: Zoopla data suggest pockets of outer South West London have the most amount of discounted homes
Zoopla analyses live property listings on its website monthly to establish the trend.
The area with the highest number of homes being reduced is Kingston-upon-Thames.
The well-heeled town in South West London saw nearly half – 48.14 per cent – of homes currently listed have their price tag slashed, by an average of £78,625, according to Zoopla.
Nearby Surbiton and Twickenham are also in the top five, with 47.25 and 45.25 per cent of homes having price reductions, albeit smaller ones – £38,292 and £41,992 respectively.
The Southsea area of Portsmouth is third with 46.33 per cent of listed properties having prices cut, and Darlington, in the North East, is fourth with 45.52 per cent reduced.
Lawrence Hall, spokesperson for Zoopla, said: ‘There has been an increase in the number of reduced properties on the market since earlier this year – good news for first time buyers trying to get onto the property ladder.’
Scotland appears to be more resilient with only 12.07 per cent of homes in Edinburgh carrying a price reduction.
Manchester’s Salford and Scotland’s Glasgow closely follow with 17.55 per cent and 20 per cent respectively.
| Town | Average price reduction | Average price reduction | Reduced properties on the market |
|---|---|---|---|
| Stockton-on-Tees | 7.87% | £13,108 | 43.22% |
| Bishop Auckland | 7.80% | £11,224 | 39.05% |
| Accrington | 7.77% | £9,736 | 30.50% |
| Rotherham | 7.65% | £9,665 | 37.61% |
| Hartlepool | 7.64% | £11,502 | 38.25% |
| Isle of Man | 7.62% | £34,499 | 29.34% |
| Halifax | 7.61% | £13,426 | 31.49% |
| Middlesbrough | 7.57% | £11,256 | 39.39% |
| Darlington | 7.41% | £10,604 | 45.52% |
| Kingston-upon- Thames | 7.35% | £78,625 | 48.14% |
Looking at the price cuts available in percentage terms, the North has some of the largest discounts with eight northern towns featuring in the top 10.
The market town of Stockton-on-Tees in the North East has witnessed the largest asking price reductions, with properties marked down by 7.87 per cent, or £13,108.
Bishop Auckland and Accrington place in second and third with reductions of 7.80 per cent (£11,224) and 7.77 per cent (£9,736) respectively.
At the other end of the scale, asking prices in Fareham, Weston-super-Mare and Wellingborough have seen the smallest price decreases, with discounts of 4.38 per cent (£16,228), 4.43 per cent (£9,885), and 4.46 per cent (£13,358) respectively.
Nearly 37 per cent of London property listings have seen a price reduction – up from 32.34 per cent in March – with an average discount of 7.24 per cent, or £52,457 according to Zoopla.