You are here: Home - Mortgages - Buy To Let - News -

Price-reduced properties at a lowest level in over 2 years

Written by:
Fewer homeowners are feeling the pressure to drop their asking prices as the proportion of properties that have seen their asking price reduced from its original level is at a 2-year low.

According to property website, 32.8% of properties currently for sale have had their asking price reduced at least once, down from 36.9% three months ago and 40.4% one year ago.

However, the average price reduction on those properties that have been discounted is up to its highest level in two years, now standing £20,612, compared to £18,993 three months ago.

Lawrence Hall, from, said: “The proportion of properties that have seen their price reduced and the average amount of the discount provides good insight into the strength of the local market.

“With the proportion of discounted properties nationally at a 2-year low, this would indicate that sellers are feeling more confident than they have for some time.”

The research also highlights different parts of the country where either a larger proportion of sellers than average have been forced to reduce prices or the reductions have been greater than average, often as a result of multiple price reductions.

The areas with the highest proportion of properties that have seen their asking prices slashed include Wakefield (50.4%), Chesterfield (42.5%) and Barnsley (42.2%).

And the biggest percentage drops from original asking prices are currently to be found in Romford (10.3%), Wakefield (8.9%) and Newcastle upon Tyne and Liverpool (both 8.8%).

At the other end of the scale, Edinburgh, Poole, Telford, Reading and Wolverhampton top the list of places with the smallest asking price discounts on offer currently.

Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Workers forced to delay retirement to grow pension pots

More and more workers are delaying going into retirement just so that they can grow their pension pots as many...