Where in Britain are house-sellers most likely to be slashing asking prices?

Nearly two in every five homes on the market have had their original asking price slashed – with the average discount standing at more than £26,000 – analysis has found.

Some 37.9% of homes for sale have had their asking price reduced, up from 32.4% when research was previously carried out in April, according to property website Zoopla.

Bradford, Newcastle upon Tyne and London are among the areas with the biggest percentages slashed off the original asking price, it found, while house-sellers in Brighton are particularly likely to be offering price reductions – as are those in Slough, Reading and Croydon.

But house-hunters searching in Glasgow, Manchester, York or Cardiff may find vendors are more likely to dig their heels in on price – with sellers in these areas less likely to be offering money off the original asking price.

Across Britain, the average asking price discount on offer is £26,131.

The research also found that house-sellers in London are becoming more likely to shave chunks off their original asking price.

Some 39.5% of London property listings have been reduced in price – up from 34.6% in April.

In Kensington and Chelsea, the average asking price discount is £127,394 – nearly five times the average cash discount of £26,131 being offered across Britain.

Zoopla spokesman Lawrence Hall said the findings “should be welcome news for prospective first-time buyers looking to get a foot on the property ladder.”

He continued: “With further market uncertainty ahead, it will be interesting to see whether these reduction figures rise in the coming months.”

Here are the top 10 areas with the biggest asking price reductions in percentage terms according to Zoopla, with the average reduction in percentage and cash terms followed by the percentage of homes on the market that have had the original asking price reduced:

1. Bradford, 7.77%, £10,738, 37.09%
2. Mitcham, 7.45%, £47,165, 45.92%
3. Newcastle upon Tyne, 7.18%, £13,721, 38.64%
4. Doncaster, 7%, £13,915, 34.46%
5. Bolton, 6.97%, £15,874, 37.28%
6. London, 6.89%, £64,661, 39.46%
7. Chesterfield, 6.81%, £16,567, 38.55%
8. Blackburn, 6.78%, £8,893, 34.83%
9. Liverpool, 6.77%, £13,078, 28.51%
10. Blackpool, 6.70%, £10,113, 38.36%

Here are the top 10 areas with the highest proportion of homes on the market that have had the original asking price reduced according to Zoopla, with the percentage of homes on the market which have been reduced followed by the average asking price reduction in percentage and cash terms:

1. Brighton, 46.60%, 6.42%, £28,122
2. Woking, 46%, 6.40%, £34,845
3. Mitcham, 45.92%, 7.45%, £47,165
4. Slough, 45.84%, 5.8%, £31,732
5. Sutton, 45.37%, 5.88%, £25,228
6. Reading, 44.62%, 5.94%, £26,478
7. Basingstoke, 43.79%, 5.79%, £21,866
8. Harrow, 43.34%, 5.97%, £29,066
9. Twickenham, 43.30%, 6.66%, £44,218
10. Croydon, 43.08%, 6.58%, £25,615

Here are the top 10 areas with the smallest asking price reductions in percentage terms according to Zoopla, with the average reduction in percentage and cash terms followed by the percentage of homes on the market that have had the original asking price reduced:

1. Bedford, 5.62%, £20,643, 39.37%
2. York, 5.66%, £17,835, 31.72%
=3. Huntingdon, 5.73%, £20,217, 37.16%
=3. Peterborough, 5.73%, £16,047, 38.81%
5. Horsham, 5.78%, £25,420, 41.89%
=6. Birmingham, 5.79%, £15,006, 30.36%
=6. Basingstoke, 5.79%, £21,866, 43.79%
8. Slough, 5.80%, £31,732, 45.84%
9. Chorley, 5.85%, £11,308, 36.68%
10. Sutton, 5.88%, £25,228, 45.37%

Here are the top 10 areas with the smallest proportion of homes on the market that have had the original asking price reduced according to Zoopla, with the percentage of homes on the market which have been reduced followed by the average asking price reduction in percentage and cash terms:

1. Glasgow, 18.84%, 6.24%, £9,613
2. Manchester, 25.87%, 6.46%, £15,070
3. Liverpool, 28.51%, 6.77%, £13,078
4. Sheffield, 30.11%, 6.46%, £13,022
5. Birmingham, 30.36%, 5.79%, £15,006
6. York, 31.72%, 5.66%, £17,835
7. Stoke-on-Trent, 32.40%, 6.05%, £13,647
8. Coventry, 32.55%, 6.22%, £18,717
9. Cardiff, 33.01%, 6.10%, £16,290
10. Hull, 33.66%, 6.68%, £9,195

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