MORE than a third of properties on the market have had their asking prices slashed by more than £26,000 on average, according to new data.
Sellers are cutting prices by tens of thousands of pounds in some areas in good news for first-time buyers, as figures reveal the locations with the biggest property price reductions.
New data reveals the areas in the UK where sellers are slashing house prices the most
Data from property website Zoopla reveals that on average, 37.89 per cent of houses on the UK market have been marked down in price.
The average price reduction is a huge 8.52 per cent – or £26,131 – according to latest figures from September.
Bradford topped the list of the areas with the biggest average price reductions, with more than 37 per cent of properties in the town marked down by an average of 7.77 per cent, or £10,738.
It was followed by London suburb Mitcham, where nearly half of properties have been marked down by 7.45 per cent, or £47,165, on average.
In central London, 39.46 per cent of properties have been marked down in price, up from 34.61 per cent in April when the data was last analysed.
Posh Kensington and Chelsea saw the biggest price reductions on average, with cuts of 8.16 per cent, or £127,394.
Meanwhile Brighton has the largest number of properties that have been marked down, with sellers slashing prices of 46 per cent of houses on the market.
Zoopla spokesman Laurence Hall said that uncertainty in the property market could see sellers cutting even more asking prices in the next few months too.
Tips for first-time buyers who want to get on the property ladder
THINKING of buying your own home? These tips may help…
Identify the more affordable areas of the city or region you want to move to, by looking where property prices are much lower than the city or region’s average.
Consider avoiding areas that have experienced particularly high house price growth in recent years, as that may suggest potential for future growth has been already exhausted and prices will not grow much going forward.
Look into whether there are any transformation projects or infrastructural developments planned. These could signal a potential increase in house prices.
Look at the crime rates in the area to understand the severity of the crime and whether the picture is improving or worsening.
Find out if there are any developments planned for schools in the local areas. Improvement in the education offering in affordable areas can push house prices up.
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He added that discounts are already much bigger than they were six months ago.
He said: “Those seeking bargains could consider areas such as Bradford, Mitcham or Newcastle for their property hunt.”
New figures also recently revealed the areas where first-time buyers will most need a Help to Buy loan to afford a house, so it could be worth cross-referencing both maps.
If you’re thinking of buying your first home, we’ve put together a guide to getting a mortgage and a foot on the property ladder.
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