North dominates house price reduction hotspots

Nicholas Leeming, Commercial Director of Zoopla.co.uk who compiled the data, said;

"For the past few months asking prices have been out of kilter with what buyers are willing to pay, but sellers have become increasingly realistic. Our own research shows that towns in the West and the Midlands dominate the top ten areas which have seen the highest number of asking price reductions but it is the North which dominates the table of the largest average house price reductions. The traditional New Year influx of properties coming to the market for sale will mean even more competition among sellers and many are keen to try to secure a buyer this side of Christmas and are lowering their expectations accordingly. As a result, now is a great time for buyers to try to land a bargain.”

Top 10 areas with highest % of price-reduced properties

Rank     Location            % of Listings with £ Reds         Avg. Ask Price Red (%)             Avg. Asking Price Reduction (£)

1          Swindon            49.5%                                                   5.14%                                                   £10,299

2          Norwich             46.8%                                                   5.92%                                                   £12,478

3          Bournemouth     45.9%                                                   5.74%                                                   £14,306

4          Northampton      45.8%                                                   5.68%                                                   £11,242

5          Leicester            45.3%                                                   5.93%                                                   £10,178

6          Poole                 44.4%                                                   5.14%                                                   £20,877

7          Birmingham       44.2%                                                   6.65%                                                   £10,533

8          Bristol                44.0%                                                   6.77%                                                   £15,035

9          Exeter                43.7%                                                   5.60%                                                   £15,983

10         Coventry            43.6%                                                   5.87%                                                  £13,088

Top 10 areas with highest average asking price reductions

Rank     Location            Avg. Ask Price Red (%)            Avg. Ask Price Red (£)              % of Listings with £ Reds

1          Manchester       7.15%                                                   £11,923                                                 30.8%

2          Newcastle         7.13%                                                   £11,383                                                 31.5%

3          Milton Keynes   7.04%                                                   £14,119                                                 43.0%

4          Maidstone         7.03%                                                   £16,186                                                 39.7%

5          Rotherham        7.02%                                                   £10,121                                                 37.6%

6          Stockport          7.01%                                                   £14,971                                                 32.8%

7          Doncaster         6.92%                                                   £11,532                                                 41.4%

8          Warrington        6.90%                                                   £14,311                                                 42.3%

9          Huddersfield      6.86%                                                   £12,536                                                 27.8%

10        Hull                      6.86%                                                   £9,072                                                  27.8%

 
Source: Zoopla.co.uk

Have your say on this story using the comment section below