Best Places to Grab a Discount on House Prices

by News Team

17:06 PM, 8th February 2012
About 9 years ago

Best Places to Grab a Discount on House Prices

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Best Places to Grab a Discount on House Prices

Buy to let investors searching for homes offering the best value need to look north, according to online portal Zoopla.

Property prices in London and South East – and towns within easy commuting distance like Northampton and Swindon – are commanding higher values with less room for price negotiation.

The website has a special tool for locating price reduced homes – and has revealed that more than one in three homes for sale (36.7%) has slashed the asking price at least once.

Prudent property investors can expect an average 7.5% discount – around £19,580 – off the asking price.

The website claims most of the cuts result from sellers not following the advice of estate agents.

Despite fewer properties on the market, the discounts have increased by £1,105 from an average £18,475 a year ago.

Zoopla estimates the total amount cut from asking prices of all properties currently for sale stands at £2.5 billion.

Nicholas Leeming of Zoopla said: “The current average discount is a new high indicating that sellers have come to terms with the market realities.

“Pricing correctly remains key when selling a home and whilst there is a shortage of sale stock currently, buyers are more discerning and more informed than ever before. Serious sellers must do their homework and follow the advice of their agent before settling on an asking price – otherwise they may well find their property on the market for longer than they’d hoped.”

The top 10 places where sellers have discounted their asking prices are:

Average discount Homes for sale in area discounted
1 Glasgow -9.16% (-£12,566) 42.73%
2 Scunthorpe -9.12% (-£13,207) 43.19%
3 Blackpool -8.97% (-£12,316) 27.45%
4 Newcastle -8.77% (-£21,823) 36.99%
5 Rotherham -8.62% (-£13,671) 44.07%
6 Hull -8.48% (-£9,674) 34.60%
7 Maidstone -8.46% (-£19,668) 35.70%
8 Liverpool -8.34% (-£14,355) 39.36%
9 Bradford -8.21% (-£11,675) 38.05%
10 Preston 8.21% (-£18,000) 41.60%

Source: Zoopla

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